President Biden Releases Large Amount of Oil

In response to the international strain the Ukrainian war has put on the world's oil and gas prices, President Biden as announced a release of up to 180 million barrels of oil over the course of six months, which is the largest output from the oil reserve since it was created back in 1974. Oil prices dropped on reports of the move, which is aimed to ease the supply crunch caused by the war. Some analysts, however, confess that this release won't be sufficient enough to resolve the energy crisis. Biden is calling oil companies to pay extra if they decide to not use oil wells on the land they lease from the government. 

https://www.bbc.com/news/business-60936468

 

Written by Abbey Scuito