2:43
He said the release was coordinated with allies and partners around the world.
![\"PHOTO:](\"http://a.abcnews.com/images/International/biden-ap-jt-220331_1648749575882_hpMain_4x3t_384.jpg\")
Speaking directly to oil company executives, Biden told them “enough of lavishing excessive profits” and passing on the cost of oil to consumers, adding that they have “everything they need” and “nothing is standing in their way” to boost production.
“They don't want to increase supply because Putin's price hike means higher profits,\" Biden said.
He went on to propose a \"use it or lose it\" policy, calling on Congress to create legislation to tax companies if they're sitting on idle wells and lands that aren't producing for Americans.
Pres. Biden says he’s “skeptical” of claims that Russian Pres. Vladimir Putin is pulling military from Ukraine’s capital: “Thus far, there is no clear evidence that he's pulling all of his forces out of Kyiv.” https://t.co/it4T2TXNVr pic.twitter.com/dgBXEj1c9p
— ABC News Politics (@ABCPolitics) March 31, 2022
\"No company should take advantage of a pandemic or Vladimir Putin at the expense of American families,\" Biden said. \"Production and innovation, that's what they should do.\"
\"Invest in your customers,\" he added, noting that it's not only \"the patriotic thing\" but \"it's good for your business as well.\"
Senior administration officials also acknowledged relief at the pump may be delayed.
\"We're not focused right now on sort of the immediate short-term price movements,\" an official said on a call with reporters earlier Thursday, adding that the focus is on addressing the gap in supply as Russian oil comes off the market.
![\"PHOTO:A](\"http://a.abcnews.com/images/Politics/gas-us-gty-rc-220330_1648738808751_hpEmbed_3x2_384.jpg\")
The first barrels from the announcement are set to come to the market in May for delivery that month. Officials said all the funds from the sale of the oil will go to restocking the reserves.
\"We expect that to occur once the oil price has come down, we are no longer in an emergency,\" an official told reporters.
About 3 million barrels a day of Russian oil will come off the market in April due to Western sanctions, according to the International Energy Agency, and this plan could help alleviate pain at the pump by helping to replace that loss.
This would be the third time Biden has had to tap into the strategic petroleum reserve. In November, he authorized the release of 50 million barrels as gas prices surged ahead of the holidays, and along with 30 other countries, the U.S. released 30 million barrels following the start of the war in Ukraine, though that did little to ease skyrocketing prices.
![\"PHOTO:](\"http://a.abcnews.com/images/Politics/biden-1-ap-er-220327_1648414544519_hpMain_4x3t_384.jpg\")
As of Friday, there were more than 568 million barrels of oil in the reserve, according to the Department of Energy.
Given the complexity and volatility of the oil market, many geopolitical and economic factors feed into oil prices and there is no guarantee this release will keep prices down for an extended period of time.
Overnight, crude oil prices were down roughly 5% in reaction to Biden's expected announcement, which means the price at the gas pump could also dip in the coming days.
The current national average for a gallon of gas is $4.23, according to AAA, $1.35 higher than this time last year.
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