President Joe Biden said he will release roughly 1 million barrels of oil a day from the Strategic Petroleum Reserve for about six months in an effort to drive down record oil prices in what he called a “wartime bridge.”
The move could free up as much as 180 million barrels of oil, the largest release of U.S. reserves in history, with the first barrels coming on the market in May. The U.S. consumes more than 7 billion barrels of oil a year.
