Biden plans to tackle ‘Putin’s price hike’ by releasing one million barrels of oil EVERY day for next six months, fining energy companies not using US land and by speeding up the switch to electric cars

  • President Biden will announce the release of 180 million barrels of oil over six month from the Strategic Petroleum Reserve later on Thursday
  • Senior administration officials said it was one part of a plan to lower gas prices 
  • He will also ask Congress to impose fees on oil and gas companies that lease federal land but are not using permits to produce energy
  • And he will use the Defense Production Act to accelerate switch to electric cars 
  • The White House has been desperately looking at ways to lower fuel prices 
  • Oil prices have surged since President Putin invaded Ukraine 
  • It would be the largest release in the near 50-year history of the SPR

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