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Scott L. Montgomery, Lecturer, Jackson School of International Studies, University of Washington

Biden bets a million barrels a day will drive down soaring gas prices – what you need to know about the Strategic Petroleum Reserve

Strategic Petroleum Reserve Joe Biden Department of Energy International Energy Agency
Several sites, such as this one near Freeport, Texas, store the hundreds of million of barrels in the United States' Strategic Petroleum Reserve. Department of Energy via AP

The Biden administration on March 31, 2022, said it plans to release an unprecedented 180 million barrels of oil from the U.S. Strategic Petroleum Reserve to combat the recent spike in gas and diesel prices. About a million barrels of oil will be released every day for up to six months.

If all the oil is released, it would represent almost one-third of the current volume of the Strategic Petroleum Reserve. It follows a release of 30 million barrels in early March, a large withdrawal until the latest one.

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