Oil prices slide as Biden set for huge release from Strategic Petroleum Reserve

By Breanne Deppisch

Published March 31, 2022 2:17pm ET

Oil prices slide as Biden set for huge release from Strategic Petroleum Reserve — Oil prices plunged Thursday in reaction to the news that President Joe Biden will order the release of up to 180 million barrels of oil from the U.S. Strategic Petroleum Reserve in an effort to lower gas prices. Biden will deliver remarks Thursday afternoon on his administration’s plan to combat U.S. gas prices, which soared […]

Oil prices plunged Thursday in reaction to the news that President Joe Biden will order the release of up to 180 million barrels of oil from the U.S. Strategic Petroleum Reserve in an effort to lower gas prices.

Biden will deliver remarks Thursday afternoon on his administration’s plan to combat U.S. gas prices, which soared in March to their highest point since 2008 amid heightened demand and Russia’s war in Ukraine.