U.S. intends to release 1 million barrels of oil from reserves every day for six months

President Joe Biden announced the daily release of 1 million barrels of oil from strategic reserves for a six-month period. This is according to a statement released Thursday by the White House press office.

“After consulting with allies and partners, the president announced the largest oil reserve release in history, delivering an average of 1 million additional barrels a day to the market each day for the next six months. This record release will provide a historic supply volume that will serve as a ‘bridge’ to the end of the year, before domestic oil production increases,” the report said.

At the same time, President Biden wants to ask the U.S. Congress to approve his plan to accelerate the transition to clean energy production. His initiative is said to be designed to “ensure that the United States will create millions of decent-paying jobs in advanced industries for generations to come.”

On March 1, Biden ordered the release of 30 million barrels of oil from the strategic reserve due to the situation around Ukraine. The move was coordinated with another 30 member countries of the International Energy Agency, which agreed to jointly release a total of 60 million barrels from their oil reserves. This decision is designed to eliminate supply disruptions amid the Ukrainian crisis.