White House confirms Biden to tap Strategic Petroleum Reserve, try to put fees on under-used wells

The White House confirmed Thursday morning that President Biden later today will announce the immediate release of oil from the country's Strategic Petroleum Reserve to ease the rising cost of petroleum for Americans.

Biden will reportedly announce the release of as much as 1 million barrels a day.

The White House also said the president will announce a two-part plan to do "everything we can to encourage domestic production ... to serve as a bridge to greater supply in the months ahead."

To encourage domestic production, Biden will call on Congress to make companies pay fees on wells from their leases on public land that they "haven't used in years" and are “hoarding without producing," the White House also said.