European Countries

Biden sells more oil reserve as energy prices spike in Europe

Biden sells more oil reserve as energy prices spike in Europe

An undated photo provided by the Department of Energy shows crude oil pipes at the Bryan Mound site near Freeport, Texas. President Joe Biden is dipping again into the nation’s petroleum stockpile to try to corral rising energy prices.The White House announced Thursday, March 31, 2022, that Biden ordered the release of 1 million barrels of oil per day from the strategic petroleum reserve for the next six months.(Department of Energy via AP)The Biden administration is releasing more oil from the Strategic Petroleum Reserve (SPR) after a failed effort to increase supply from Saudi Arabia. In a statement Tuesday, the White House said the Department of Energy would sell another 20 million barrels of oil from the reserves to stabilize the gas market.