Political | Process

The Biden administration will join with other governments to deploy 60 million barrels of crude oil from strategic reserves in an effort to counteract the increase in oil and prices caused by Russia’s invasion of Ukraine.

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• The release from the Strategic Petroleum Reserve would be the second undertaken by President Joe Biden, who is facing criticism from Republicans and the industry for opposing added domestic oil and gas production while resorting to other measures to limit price increases.

• The White House on Tuesday confirmed the news, noting that the release will be done in coordination with International Energy Agency member states.

• Half the total amount, or 30 million barrels, will come from the U.S. Special Petroleum Reserve, the White House said, while allies in Europe and Asia will supply the rest.

• Last fall, Biden authorized the release of 50 million barrels from the reserve, seeking to tamp down high gas prices.

• News of the release comes as prices for oil soared again on Tuesday, with futures for Brent crude climbing to more than $100 a barrel.

• In a statement, the White House said the coordinated IEA effort marks yet “another example of partners around the world” condemning Russia’s unprovoked invasion.

• Biden “was clear from the beginning that all tools are on the table to protect American businesses and consumers, including from rising prices at the pump,” White House press secretary Jen Psaki said.

• In addition, Psaki added, IEA members agreed to continue monitoring markets and will “consider further releases as necessary. “

• “We are prepared to use every tool available to us to limit disruption to global energy supply as a result of President Putin’s actions,” she said.

• “We will also continue our efforts to accelerate diversification of energy supplies away from Russia and to secure the world from Moscow’s weaponization of oil and gas.”

• New of the joint release comes after the OPEC coalition, led by Russia and Saudi Arabia, dismissed calls from Biden last year to increase its supplies more quickly, Bloomberg reported. OPEC meets again Wednesday to discuss its production plans for the month ahead.