Prices have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.
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 in a bid to control energy prices.
That's according to two people familiar with the decision who spoke on the condition of anonymity to preview it. The announcement could come as soon as Thursday when the White House says Biden is planning to deliver remarks on his administration's plans to combat rising gas prices. According to a schedule of planned remarks released by the White House late on Wednesday, President Biden is set to deliver remarks on actions the White House plans to take on reducing the price of energy and lowering gas prices on Thursday afternoon.
As the New York Times reported, if fully enacted, the White House plan could release up to 180 million barrels from reserves. There are currently about 550 million barrels in the reserve, and it has a reported total capacity of 714 million barrels.
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