Biden blames Putin for fuel price hike, orders release of reserve oil to 'ease the pain'

As fuel prices in the United States are soaring in the backdrop of the ongoing Russia Ukraine war, US President Biden on Friday said that to deal with the hike in gas and food prices, he had authorised on Thursday the release of 1 million barrels per day for the next six months from the US's Strategic Petroleum Reserve.

President Biden blamed the rise in gas prices as well as food prices on Russian President Vladimir Putin's invasion of Ukraine. On Thursday, Biden said, "Americans are feeling Putin’s gas price hike at the pump." 

On Friday, President Biden took to Twitter to acknowledge the impact of the hike in prices on Americans.

1 Million oil barrels per day for six months

US President Joe Biden authorised the release of 1 million oil barrels per day from Strategic Petroleum Reserves (SPR) for six months on Thursday in an effort to curb surging gas prices amid the Russia-Ukraine war. Biden's decision is in reaction to increasing fuel and energy costs, which have remained unpredictable since Washington and its allies slapped broad sanctions on Russia. Biden went on to say that depending on further SPR releases might result in a "pretty considerable" decline in gas costs.

Americans face rising prices at the pump

Since Putin revved his military build-up around Ukraine, gas costs have risen by nearly a dollar per gallon (4.54 litre), according to the press release from the White House on Thursday. The press release said that because of Putin's "war of choice," less oil was reaching the US market and causing prices to rise at the pump for the American people.

"At the start of this year, gas was about $3.30 a gallon. Today, it’s over $4.20, an increase of nearly $1.  And now, a significant amount of Russian oil is not making it to market.  The President banned the import of Russian oil – which Republicans and Democrats in Congress called for and supported," a statement from a Press release from the White House.