US working with allies to raise release of strategic oil reserves, Biden says

By Ovunc Kutlu

ANKARA (AA) - The US is actively working with countries around the world to collectively elevate the amount of oil released from their strategic petroleum reserves (SPRs), President Joe Biden said Thursday.

"We are closely monitoring energy supplies for any disruption," Biden said at a news conference at the White House. "The US will release additional barrels of oil."

"We have been coordinating with major oil producing and consuming countries through our common interests to secure global energy supplies," he said.

Biden's comments came hours after a Russian military intervention in Ukraine, which pushed oil prices above $100 per barrel -- their highest level in almost eight years.

The price of international oil benchmark Brent crude climbed to as high as $102.23, its highest since Sept. 5, 2014.

American benchmark West Texas Intermediate (WTI) saw its price climb to $100.50 -- the highest since July 30, 2014.

Biden said his administration is using every tool at its disposal to protect American families and businesses from rising prices at the gas pump.

"We are taking active steps to bring down the cost," he said, and warned "American oil and gas companies should not exploit this moment to hike their prices to raise profits."

Biden had ordered in November sales from the SPR to provide additional supply to the markets to lower crude prices that started to put pressure on American consumers in the post-coronavirus pandemic period.

The move came after repeatedly asking OPEC+ oil producers, which include Russia, to increase collective output to provide additional supply to lower oil prices.

The US' SPR sales later led to a coordinated effort with other major energy-consuming nations, like China, India, Japan, South Korea and the UK, in releasing their oil reserves.