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Biden OKs release of 30 million barrels of oil from Strategic Petroleum Reserve

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Published: Mar. 5, 2022 at 9:29 AM EST
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President Joe Biden authorized on Tuesday the release of 30 million barrels of oil from the Strategic Petroleum Reserve, part of an international boost to the global oil supply that has been disrupted by Russia’s invasion of Ukraine.

The reserve is a complex of four sites with deep underground storage caverns in salt domes along the Louisiana and Texas Gulf Coasts.

The U.S. contribution will make up half of the reserve oil that the International Energy Alliance, a collection of 31 mostly European countries that also includes the United States, agreed to collectively release, White House press secretary Jen Psaki said in a statement.

The release is meant to counteract Russian President Vladimir Putin’s “weaponization of oil and gas,” Psaki said.

“Today’s announcement is another example of partners around the world condemning Russia’s unprovoked and unjustified invasion of Ukraine and working together to address the impact of President Putin’s war of choice,” Psaki said.

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