Last week, President Biden announced a historic release from the Strategic Petroleum Reserve of 1 million barrels a day for six months and said it would be in coordination with other countries releasing tens of millions of additional barrels on the market. Today after around the clock diplomacy by the United States and our allies and partners, the International Energy Agency announced a historic collective release with member countries outside of the United States releasing an additional 60 million barrels. Together with the United States’ commitment, this will add a combined global amount of 240 million barrels. It is both the largest release from the United States and the largest release from other IEA countries in history, and will support American consumers and the global economy.
Today’s announcement is another result of President Biden’s unwavering focus on doing everything in his power to help American families who are paying more out of pocket as a result of Putin’s war of choice against Ukraine. Since Putin accelerated his military build-up around Ukraine this past winter, gas prices have increased by nearly a dollar per gallon because less oil is getting to market, and the reduction in supply is raising prices at the pump for Americans. We will continue to take every action we can to increase supply in the immediate term so families can pay for gas while at the same time working with the international community to achieve energy independence that reduces demand for oil and bolsters our clean energy economy.