State of the Union: Biden announced U.S. and allies will release 60 million barrels from strategic oil reserves

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In President Biden’s State of the Union speech on March 1, 2022 he announced steps to ‘help blunt gas prices’ for Americans.

Video Transcript


JOE BIDEN: And I'm taking robust action to make sure the pain of our sanctions is targeted at Russian economy, and that we've use every tool at our disposal to protect American businesses and consumers. Tonight, I can announce the United States has worked with 30 other countries to release 60 million barrels of oil from reserves around the world. America will lead that effort, releasing 30 million barrels in our own strategic petroleum reserve, and we stand ready to do more if necessary united with our allies.

These steps will help blunt gas prices here at home, but I know news about what's happening can seem alarming to all Americans. But I want you to know we're going to be OK. We're going to be OK. When the history of this era is written, Putin's war in Ukraine will have left Russia weaker and the rest of the world stronger.