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WH Confirms Biden To Announce Largest-Ever SPR Release

WHITE HOUSE

WH statement: "After consultation with allies and partners, the President will announce 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. The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up."

  • Full WH statement: https://www.whitehouse.gov/briefing-room/statement...
  • White House confirms President Biden will announce the largest ever release of oil reserves from the Strategic Petroleum Reserve later today: one million additional barrels per day for the next six months.
  • Comments from the White House hitting wires: "President Biden will issue a directive, authorising the use of the Defence Manufacturing Act to assure American production of vital commodities in order to bolster our clean energy economy."
  • WH says that Biden will call on Congress to pass his plan to accelerate the transition to sustainable energy produced in the US.
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