Biden selects 30 million barrels of strategic oil reserves included in global release to reduce shocks in Russia

The President Biden on Tuesday authorized the Department of Energy to release 30 million barrels of U.S. strategic oil reserves as part of a global effort to mitigate supply shocks from RussiaRussia’s invasion of Ukraine.

The decision is part of a wider effort by member states of the International Energy Agency to collectively release the original 60 million barrels of crude oil from its reserves.

“Today’s statement is another example of condemning partners around the world Russia“Unprovoked and unjustified invasion of Ukraine and joint work to eliminate the consequences of the war of Putin’s election,” said White House spokeswoman Jen Psaki. “The President Biden from the beginning, it was clear that all the tools on the table were to protect American businesses and consumers, including from rising pump prices. ”

Ms. Psaki said member states would monitor markets and consider future releases.

“We are ready to use all the tools at our disposal to limit the disruption of global energy supplies as a result of President Putin’s actions,” she said. “We will also continue our efforts to accelerate the diversification of energy supplies Russia and to protect the world from Moscow’s arms and oil weapons. “

For several days, Republicans called on Mr. Biden use domestic production to help wean the world off Russian fuel, including new drilling in federal lands and the restoration of the Keystone XL pipeline.

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