President Biden announced on Thursday that the United States would release up to 180 mn barrels of oil from the Strategic Reserve to counter the economic consequences of Russia's invasion of Ukraine. This was reported by The New York Times.
"Our prices [for fuel - LB.ua] are rising due to Putin's actions," the US President said. "If we want to reduce fuel prices, we need to get more oil right now." According to him, energy companies are ready to increase oil production by the fall of this year.
According to the White House plan, a million barrels of oil will enter the market every day from the Strategic Reserve, which is about five percent of the volume consumed by the United States.
Against the background of expectations of Biden's statement of supply from US Strategic Reserves, oil prices have fallen sharply.
On 8 March, the United States banned import of Russian oil and gas and the United Kingdom announced that it would stop buying Russian oil by the end of 2022.