Biden Expected To Announce Plan To Release One Million Barrels Of Oil From Strategic Reserve
WASHINGTON (KDKA) - An announcement expected from President Joe Biden this afternoon could have the United States releasing one million barrels of oil per day from the strategic reserves to help ease the pain at the pump.
It's a decision President Biden has been mulling over since the U.S. stopped importing Russian oil in the wake of their invasion of Ukraine.
Both the national and Pennsylvania averages are down one cent overnight, meanwhile, Allegheny County and Pittsburgh gas prices are looking at around $4.29/gallon.
It's no surprise that Russia's invasion of Ukraine is the main blame for rising prices as energy costs continue to spike.
Here in the U.S., tapping into the oil reserves would have a limited effect on already high gas prices because of the quantity being released at a time. There's also the factor that oil producers aren't increasing production, which would also help lower costs.
Experts say this would be a helpful move, but don't expect too much of a difference.
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