President Joe Biden announces release of 60 million barrels of oil from worldwide reserves to reduce gas prices President Joe Biden during his State of the Union Address March 1, 2022. (White House/Released)
As the Russian invasion in Ukraine and inflation from the COVID-19 pandemic drive up gas prices, President Joe Biden announced that 30 countries have teamed up to release 60 million barrels of oil from reserves around the world.
The U.S. is leading the effort with the release of 30 million barrels from the national Strategic Petroleum Reserve, Biden said during Tuesday night’s State of the Union address.
“And we stand ready to do more if necessary, unified with our allies,” the president said. “These steps will help blunt gas prices here at home. And I know the news about what’s happening can seem alarming. But I want you to know that we are going to be okay.”
Biden opened the 62-minute speech, addressing the room and quickly moving onto the the crisis in Europe.
“Six days ago, Russia’s Vladimir Putin sought to shake the foundations of the free world thinking he could make it bend to his menacing ways. But he badly miscalculated. He thought he could roll into Ukraine and the world would roll over. Instead he met a wall of strength he never imagined,” Biden said.
He went on to commend the “courage” of Ukrainian president Volodymyr Zelenskyy as well as the Ukrainian people.
“We the United States of America stand with the Ukrainian people. Throughout our history we’ve learned this lesson when dictators do not pay a price for their aggression they cause more chaos. They keep moving. And the costs and the threats to America and the world keep rising,” Biden said, adding that Putin’s attack was premeditated and unprovoked.
The president also spoke about how the United States is “inflicting pain on Russia,” in the form of economic sanctions.
“We are cutting off Russia’s largest banks from the international financial system. Preventing Russia’s central bank from defending the Russian Ruble making Putin’s $630 Billion ‘war fund’ worthless. We are choking off Russia’s access to technology that will sap its economic strength and weaken its military for years to come,” Biden said.
The U.S. Department of Justice is also working to assemble a task force to address crimes of Russian oligarchs, going after their yachts, luxury apartments and private jets.
“And tonight I am announcing that we will join our allies in closing off American air space to all Russian flights – further isolating Russia – and adding an additional squeeze – on their economy. The Ruble has lost 30% of its value,” Biden said. “The Russian stock market has lost 40% of its value and trading remains suspended. Russia’s economy is reeling and Putin alone is to blame.”
The U.S. and their allies are also providing military, economic and humanitarian assistance, with Biden sharing that America is giving $1 billion in direct aid to Ukraine.
The United States is also prepared to fight, not with forces going into Ukraine, but to defend NATO if Putin keeps moving west. American ground forces, air squadrons, and ship deployments have been mobilized to protect NATO countries including Poland, Romania, Latvia, Lithuania, and Estonia.
Biden then addressed gas prices, saying that Putin’s invasion has costs around the world.
“And I’m taking robust action to make sure the pain of our sanctions is targeted at Russia’s economy. And I will use every tool at our disposal to protect American businesses and consumers,” he said.
Biden also stood with Ukrainian Americans, saying they forge a deep bond that connects the two nations.
“In the battle between democracy and autocracy, democracies are rising to the moment, and the world is clearly choosing the side of peace and security,” he said. “Putin may circle Kyiv with tanks, but he will never gain the hearts and souls of the Ukrainian people. He will never extinguish their love of freedom. He will never weaken the resolve of the free world.”
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