The President of the United States, Joe Biden, is considering releasing one million barrels of oil per day from strategic reserves of the country as high gas prices persist, according to two sources familiar with the matter. Moreover, the oil prices soared because the United States and its allies slapped severe sanctions on Moscow over its aggression against Ukraine.
Joe Biden is considering releasing about one million barrels of oil per day from the national Strategic Petroleum Reserve for the coming few months. Earlier this month, the president announced to mutually release of oil from reserves in coordination with other countries. pic.twitter.com/CimLycqPrr
— Live News Now (@LiveNewsNow6) March 31, 2022
The White House says that the president is planning to deliver comments on the plans of his government to curb rising gas prices. However, the release duration has not been finalized but could last for many months. Earlier this month, President Biden announced a coordinated release of oil from the strategic reserves collaborating with other countries.
Previously in November, the president released about sixty million barrels, which he announced was the largest release from the reserves in the country’s history. However, releasing the oil reserve – the stockpile of six hundred million barrels of crude oil stockpiled in underground salt caverns in Texas and Louisiana – usually has only a limited effect on gas prices and would act as a political indication the president is continuing to oppose the issue.
Poland to End all Russian Oil Imports
Austria and Germany activated initial warning plans Wednesday amid concerns that Russia could decrease gas deliveries, while Poland announced moves to end the import of Russian oil by 2022 end, in the latest signs of how the Russian invasion of Ukraine is affecting the energy security of Europe. Furthermore, Germany announced that it was creating a crisis team to accelerate monitoring of the gas supply and requested households and companies to conserve energy following Moscow’s demands to pay deliveries in rubles.
6a) Poland “announced steps” to end all Russian oil imports by the end of 2022. Some reports I read only listed oil, while others listed oil and gas imports from Russia being ended by December. pic.twitter.com/ZRi94btmuB
— Aid Ukraine (@ArmUkraineNow) March 30, 2022
Western countries rejected the Russian demand, arguing it would weaken sanctions slapped because of the war. German officials announced that Chancellor Olaf Scholz received guarantees from Vladimir Putin, the Russian President, that European firms won’t have to pay in Russian currency for gas supplies but could continue to pay in euros as specified by previous deals. Scholz asked for additional process details, which involve expenses to a Russian bank not subjected to economic sanctions.
Poland to Cut Russian Fossil Fuels
France gets around seventy percent of its electricity from nuclear power plants but uses natural gas during wintertime at the time of peak demand and for heating purposes at homes. Meanwhile, Poland took the lead in the European Union on instantly cutting Russian fossil fuels. In addition, the twenty-seven-countries alliance declined to sanction energy because it relies on Russia for the fuel required for electricity, automobiles, industry, and residential purposes. Still, it announced proposals to prevent itself from those supplies.
Germany depends on Russian natural gas for fifty-five percent of its needs. Recently, it signed pacts with many suppliers of LNG, which is shipped to neighboring nations and then pumped in. however, government officials of the country say that they intend to end the use of Russian coal and oil by year-end and natural gas by mid-2024.