Biden orders huge oil release, prods drillers to step up output

WASHINGTON — President Joe Biden said his plan to release a million barrels of oil a day from U.S. reserves for six months would lay a foundation for the country to achieve independence from foreign energy suppliers.

Biden blamed a spike in gasoline prices this year on Russian President Vladimir Putin and Russia’s invasion of Ukraine, calling it “Putin’s price hike.” But he also criticized U.S. oil companies that have been reluctant to increase production, and called for Congress to charge fees to firms that have unused drilling leases on federal lands.

“Companies have an obligation that goes beyond just the shareholders — to their customers, their communities and their country,” Biden said Thursday following a White House announcement of the largest-ever drawdown from the Strategic Petroleum Reserve. “No American company should take advantage of a pandemic or Vladimir Putin to enrich themselves at the expense of American families.”