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

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.