To combat rising fuel prices spiking because of war in Ukraine, President Joe Biden will order on Thursday the release of one million barrels of oil daily from the Strategic Petroleum Reserve, the Washington Post reports.
The SPR holds a total of 570 million barrels of oil, so it can subsidize the amount of oil available on the market at this pace for more than a year, if necessary. The amount to come from the SPR would amount to about 12% of the daily oil imports into the US.