United States President Joe Biden is set to tackle the oil price crisis in the country by tapping into the reserves, according to media reports citing unnamed sources. Up to 1 million barrels of oil may be released from the nation’s strategic petroleum reserve every day, the officials said.

The news comes as the West has imposed a series of sanctions on Russia due to its invasion of Ukraine, resulting in spiking oil prices domestically. Crude oil on Wednesday traded at nearly $105 a barrel, up from about $60 a year ago, according to reports from Associated Press.

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The administration officials have not yet finalised the duration of the withdrawal, however, it is projected that it could last for up to 180 days, according to reports from New York Times.

The announcement could come as soon as Thursday, when the White House says Biden is planning to deliver remarks on his administration’s plans to combat rising gas prices.

The Biden administration in November announced the release of 50 million barrels from the strategic reserve in coordination with other countries. And after the Ukrainian war began, the United States and 30 other countries agreed to an additional release of 60 million barrels from reserves, with half of the total coming from the United States, according to reports from Associated Press.

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United States Department of Energy, which is responsible for handling the country’s oil reserves, reported last week that about 568 million barrels of oil were stocked.

According to a survey from the Dallas Federal Reserve, a majority of executives in the oil industry said that investor pressure to preserve “capital discipline” amid high prices was the reason they were not pumping more, while fewer than 10% blamed government regulation.