Biden Unveils Biggest-Ever Strategic Petroleum Reserve Release


Updated at 1:49 pm EST

The White House unveiled the biggest-ever release of crude from the nation’s Strategic Petroleum Reserve Thursday as President Joe Biden looks to dampen the impact of record high energy prices and the fastest domestic inflation rates in more than four decades.

The President authorized the release of 180 million barrels from the SPR, spread over six months, in order to bring down global crude prices and ease the supply hit from Russia’s war on Ukraine.

The move marks the third release from the SPR in six months, and the largest-ever from the nation’s emergency stockpile, which sits at the lowest levels since 2002, according to Energy Department data published Wednesday.

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