Biden considers releasing 1 million barrels of oil a day from reserves

Why isn't there more oil production in the US?

2:08

(CNN) --

President Joe Biden is considering releasing a record amount of oil from US stockpiles as high gasoline prices persist.

One plan being considered involves releasing about 1 million barrels a day from the Strategic Petroleum Reserve for the next several months, says a person familiar with the deliberations.

The announcement could come as early as Thursday, when Biden is scheduled to deliver remarks from the White House on gasoline prices.

• Why does the price of gasoline skyrocket in the United States if it uses little Russian oil?

Biden announced earlier this month a coordinated release of oil from reserves along with other nations.

He also released about 60 million barrels in November, which he said at the time was the largest reserve release in US history.

Oil: winners and losers in Latin America 2:04

Tapping into the reserve -- 600 million barrels of crude oil stored in underground salt caverns in Louisiana and Texas -- generally has only a limited effect on gas prices because of the amount of oil that can be released at one time, but it would act as a political signal that Biden continues to deal with the problem.

Following the Russian invasion of Ukraine, the price of regular gasoline in the US skyrocketed, reaching a record high of $4.33 per gallon in early March.

advertising

In comments earlier this month, Biden tried to pin blame for the price hike on Russia's president: "Make no mistake: the current increase in gasoline prices is largely the fault of Vladimir Putin."

US governors have attempted to lower gasoline prices at the state level.

Last week, Democratic California Governor Gavin Newsom introduced a $9 billion proposal to provide $400 debit cards to drivers in the state to help soften the impact of higher gas prices. in the country.

In Georgia, Republican Governor Brian Kemp, facing one of the toughest re-election races in the country, signed a bill that will give tax refunds of $250 to $500 to Georgians, a move that several of his rivals criticized as election year politicking.

And as Democratic Governor Janet Mills faces a competitive re-election campaign in Maine, she has proposed some of the most generous relief for qualified taxpayers in her state, in the form of $850 checks,