The US, EU and other nations barred imports of Russian oil and gas over the country’s ongoing invasion of Ukraine.
“This is a wartime bridge to increase oil supply until production ramps up later this year. And it is by far the largest release from our national reserve in our history,” he added.
Biden said he has been coordinating with its allies and partners around the world.
“Already, I have – we have commitments from other countries to release tens of millions of additional barrels into the market. Together, our combined efforts will supply well over a million barrels a day — nations coming together to deny Putin the ability to weaponize his energy resources against American families, and families and democracies around the world,” he said.
Biden further said, “We need to end our long-term reliance on China and other countries for inputs that will power the future. And I’ll use every tool I have to make that happen.” (ANI)