Biden oil move aims to cut gas prices ‘fairly significantly’

By ZEKE MILLER and JOSH BOAK
Associated Press

WASHINGTON (AP) — President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices. Biden says it’s not known how much gasoline prices could decline as a result of his move, but he’s suggesting it might be “anything from 10 cents to 35 cents a gallon.” Gas is averaging about $4.23 a gallon, compared with $2.87 a year ago, according to AAA. Prices have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine. Biden also is calling out oil companies that he says are focused on profits instead of putting out more barrels.