IEA Member Countries Unite in Response to Russia’s Unprovoked and Unjustified Invasion of Ukraine to Address Significant Market and Supply Disruptions; President Biden Commits 30 Million Barrels of Crude from U.S.
WASHINGTON, D.C.— Today, U.S. Secretary of Energy Jennifer M. Granholm released this statement following an emergency meeting of the International Energy Agency (IEA) member countries in response to Russia’s invasion of Ukraine:
“Today, I chaired an emergency ministerial meeting of the International Energy Agency (IEA) – founded 50 years ago by the U.S. and other allies – where the United States and 30 other member countries, supported by the European Commission, agreed to collectively release an initial 60 million barrels of oil from strategic petroleum reserves. This decision reflects our common commitment to address significant market and supply disruptions related to President Putin’s war on Ukraine.
“In line with this decision, President Biden authorized me to make an initial commitment on behalf of the United States of 30 million barrels of oil to be released from the Strategic Petroleum Reserve. We stand prepared to take additional measures if conditions warrant.
“We will continue advancing ongoing efforts to accelerate Europe’s diversification of energy supplies away from Russia and to secure the world from Putin’s attempts to weaponize energy supplies.
“The United States believes that investing in clean energy is the best way to reduce domestic and international dependence on Russian oil and gas. Clean energy technologies are available and cost-effective today and offer the surest path towards a world where energy supply cannot be used as a means of political coercion or a threat to national security, and where families and businesses are protected from volatile prices and markets. Accordingly, we continue to support ambitious international clean energy goals and near-term action, including strong domestic climate action, and the pursuit of a net-zero emissions economy by 2050.”