Biden admin considers release of 180 million barrels from US oil reserves over 180 days

President Biden is considering releasing one million barrels of oil per day from US reserves over 180 days, which would be the largest such move in American history. The US uses about 18-20 million barrels per day.

As fuel prices across the country continue to surge, the Biden administration is reportedly taking action by releasing one million barrels of oil per day from the Strategic Petroleum Reserve. This would add a small amount to the amount of oil in circulation, but would make a dent in the reserves themselves.

On Wednesday, news broke that the Biden administration was considering tapping national oil reserves for the third time in the past six months. In November, 50 million barrels were released.

The 180 million total barrels that would be withdrawn over the next six months are equivalent to what Americans consume in 9 or 10 days. The reserve currently holds 568.3 million barrels.