Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace
Member of the Ansar Allah Political Bureau, Mohammed al-Bukhaiti: The Israeli aggression on Yemen will not deter us from continuing to support Gaza, no matter the sacrifices
Al Mayadeen's correspondent: The Israeli aggression targeted the Yemeni Oil Company station on Al-Sitteen Street, southwest of the capital, Sanaa, with several raids

Biden orders unprecedented use of US oil stockpiles

  • By Al Mayadeen Net
  • Source: Agencies
  • 31 Mar 2022 19:05
3 Min Read

Biden is being bashed by US citizens for rising prices everywhere from the supermarket to car dealerships.

  • x
  • Stickers featuring President Joe Biden pointing at the gas total and saying “I did that!” (Kerry Picket/The Washington Times).
    Stickers featuring President Joe Biden pointing at the gas total and saying, “I did that!” (The Washington Times)

President Joe Biden will announce, on Thursday, the release of a record million barrels of oil per day from US strategic stockpiles for about 180 days in an effort to cool soaring fuel prices. 

"After consultation with allies and partners, the president will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average -- every day -- for the next six months," a statement said.

"The scale of this release is unprecedented: the world has never had a release of oil reserves at this one million per day rate for this length of time. This record release will provide a historic amount of supply to serve as a bridge until the end of the year when domestic production ramps up," it added.

The measure will add significant supply to the already overheated global oil market, sending inflationary shockwaves through the US economy.

Biden is already struggling with low poll numbers ahead of looming midterm elections in November where Republicans are expected to take over Congress from Democrats.

The US President is facing a number of issues that contribute to his low approval ratings, including his handling of the Ukraine crisis, the pandemic response, a border crisis, and low ratings for personal qualities such as leadership, crisis management, and mental sharpness.

US thirst for oil

Related News

Russian troops capture Filiya village, 146 service people repatriated

Lavrov accuses West of blocking Ukraine ceasefire as disputes persist

A million barrels per day released over a six-month period will be by far the largest and most sustained tapping of stockpiles in US history. The release would amount to about a 1% increase in global supplies.

It is worth mentioning that Biden was scheduled to lay out the details in a speech later Thursday.

Oil prices fell sharply after initial reports of the plan, which came as the OPEC+ group of petroleum exporters decided to raise output only modestly, despite the rise in crude prices caused by the West’s hysteric sanctions on Russia.

The release dwarfs previous uses of the strategic stockpile announced by the Biden administration in collaboration with other countries on March 1 in the light of the war in Ukraine, as well as last year in response to rising inflation.

Today, Biden is getting little credit from voters, who blame him for rising prices everywhere from the supermarket to car dealerships.

And for US drivers, the price shock as they fill up their cars at gas stations is a constant annoyance. "I did this," read a sticker with a picture of Biden that has been placed next to pump handles in a number of gas stations.

Gasoline prices are currently at an average of $4.23 per gallon, up 47% from a year ago.

Oil prices rose near $140 per barrel in March on concerns about lost Russian crude supply, as some "self-sanctioning" oil buyers avoided Russian crude in the aftermath of hysteric sanctions against Moscow.

Prices have fallen slightly since the United States banned Russian energy imports on March 8, but have remained above $100 per barrel for the majority of the time since.

  • Biden
  • Joe Biden
  • US citizens
  • Oil prices
  • Russia
  • Ukraine
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Palestine will not be liberated by UN reports, but by pursuing a different strategic horizon: one that does not beg for recognition. (Al Mayadeen English; Illustrated by Batoul Chamas)

Economy of Genocide: Albanese's report accuses, but doesn't dismantle system

  • Opinion
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS