Biden plans to release up to 1 million barrels of oil per day from strategic reserve

The move is a big to gain control over soaring U.S. gas prices.

Updated: March 31, 2022 - 8:21am

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President Biden is set to order the release of as much as 1 million barrels of oil a day from the nation's strategic oil reserves in an attempt to gain some control over spiking energy prices in the U.S.

The announcement could arrive as soon as Thursday, when Biden is planning to deliver remarks on his administration's plan to combat rising gas prices, according to the Associated Press.

It is unclear how long the daily release would last, but the wire service also reports the measure could last a few months.

Fuel prices, which were already on the rise prior to Vladimir Putin's invasion of Ukraine, have hit a four-decade high causing Biden's approval rating to take a further dive as Americans feel the issue in their wallets.

This would mark the third time this administration has announced a release of millions of barrels from the strategic reserve. According to the Energy Department, which manages the emergency supply, more than 568 million barrels were held in the reserve of last week.