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President Biden Authorizes 1 Million Barrels of Oil a Day from US Soil


US – President Biden says in order to combat prices at the pump from COVID-19 Pandemic and Russia he will release 1 million barrels of oil per day from the strategic reserve.

“At the start of this year, gas was about $3.30 a gallon.  Today, it’s over $4.20, an increase of nearly $1.  And now, a significant amount of Russian oil is not making it to market.  The President banned the import of Russian oil – which Republicans and Democrats in Congress called for and supported.  It was the right thing to do.  But, as the President said, Russian oil coming off the global market would come with a cost, and Americans are seeing that at the pump,” said Biden.

The first part of the President’s plan is to immediately increase supply by doing everything we can to encourage domestic production now and through a historic release from the Strategic Petroleum Reserve to serve as a bridge to greater supply in the months ahead.

The President said that, “too many companies aren’t doing their part and are choosing to make extraordinary profits and without making the additional investment to help with supply.”

“Right now, the oil and gas industry is sitting on more than 12 million acres of non-producing Federal land with 9,000 unused but already-approved permits for production.”

President Biden is calling on Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing.

The president’s plan is temporary, but the largest release of oil reserves in history, putting one million additional barrels on the market per day on average – every day – for the next six months.

This will impact gas prices and drop them into the 3 and a half dollar range for the summer most likely.