Biden to order release of oil from strategic reserve to control energy prices

High oil prices have not coaxed more production as producers have been more focused on meeting the needs of investors.

Gas prices have been averaging more than $4/gallon in the U.S. WASHINGTON — President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S.

High oil prices have not coaxed more production, creating a challenge for Biden. The president has seen his popularity sink as inflation reached a 40-year high in February and the cost of petroleum and gasoline climbed after Russia invadedStill, oil producers have been more focused on meeting the needs of investors, according to a survey released last week by the Dallas Federal Reserve.

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