Biden will tap oil reserve, hoping to push gasoline prices down.

Under growing political pressure to bring down high energy prices, President Biden on Thursday will announce the release up to 180 million barrels of oil from a strategic reserve to counteract the impact of Russia’s invasion of Ukraine.

Oil prices fell modestly on expectations of the announcement, which the White House confirmed on Thursday morning. Mr. Biden plans to release one million barrels of oil a day for 180 days. That would represent roughly 5 percent of American demand and 1 percent of global demand at a time when Russian oil exports are down about three million barrels a day.

Reaction from the oil industry and energy experts was muted even though the move would represent the largest release from the Strategic Petroleum Reserve since it was established in the early 1970s as an emergency stockpile. The reserve has mostly been used to increase the supply of oil during wars, foreign threats to energy supplies or natural disasters. Smaller releases by the Biden administration from the reserve since late last year have had little impact on the prices drivers and businesses pay for gasoline, diesel and other fuels that are made from crude oil.

“It will lower the oil price a little and encourage more demand,” said Scott Sheffield, chief executive of Pioneer Natural Resources, a major Texas oil company. “But it is still a Band-Aid on a significant shortfall of supply.”

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