The steps are an attempt to reduce gas prices while also putting an onus on oil companies to increase supply. And the bottom line is if we want lower gas prices we need to have more oil supply right now," Biden said. Still, officials declined to say how quickly, or by how much, gas prices might come down as a result of the release. Neither move had a significant effect on gas prices, which have continued to rise as global limits on Russian energy exports have caused prices to spike. The United States consumes around 20 million barrels of oil per day, with global consumption hovering around 100 million barrels.

Source: CNN April 01, 2022 01:18 UTC