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Russian playwright Anton Chekhov’s advice on writing applies also to oil, where the US strategic petroleum reserve (SPR) has long loomed over the market, but rarely been used. Now US President Joe Biden intends to give the market both barrels.

Oil markets entered April with their worst weekly loss in two years as the Biden administration announced the largest ever crude reserve release that sent the benchmark US price below the key $100-per-barrel support.

The USD/INR pair has reclaimed 76.00 amid falling oil prices after US President Joe Biden announced a release of one million barrels per day for six months out of their Strategic Petroleum Reserve (SPR) from May.

US Pres. Biden's team weighs a massive oil release to combat inflation and oil is heavily offered as the administration figures to release 1 million barrels of oil per day for months. The total release may be as much as 180 million barrels, the people said.

As Western nations look for ways to reduce their reliance on Russian oil and gas, another aspect of the Ukraine crisis has received less attention: Most of the 32 countries that use nuclear power rely on Russia for some part of their supply chain.

Until Russia invaded Ukraine there wasn’t much conversation taking place between the energy industry and the Biden Administration. "I think it's starting to ramp up, unfortunately, I couldn’t have said that two or three weeks ago.

U.S. and European officials condemned the moves, but a Biden administration official said Russia's military action did not as yet constitute an invasion that would trigger a broader sanctions package.

During remarks on his administration’s work to lower healthcare costs recently, which were made at Germanna Community College in Virginia, U.S. President Joe Biden said he was going to work like the devil to bring gas prices down.

Americans are understandably blaming the Biden administration for surging energy prices: “Pain at the pump drives Biden’s suffering in the polls.”

"The sale of offshore oil and gas leases on more than 80 million acres in the Gulf of Mexico was canceled by a U.S. judge who ordered regulators to take a harder look at the impact on climate change. U.S. District Judge Rudolph Contreras in Washington, D.C., vacated the lease sale in a 67-page decision, issued Thursday.

Oil prices hit the highest levels since October 2014 this week, prompting renewed pledges from the U.S. Administration to do what it can to relieve prices at the pump for Americans. Oil traded even higher this week than it did in November 2021. Back then,

MIKE TAYLOR: "I don't even know where to begin to start. Here in New York, my family, we're a propane gas and heating oil company. We've been in business for over 54 years and I've never seen consumers put in the crunch they're in right now. We're seeing home heating oil prices, gasoline and diesel are up 50% to 60% since last year. Propane gas is up over 70. Natural gas futures for next winter are trading at 117% of where they were a year ago. A year ago, we were energy independent. Now we're asking OPEC to please drill more. It's absolute lunacy what we've done here in this country."

Gas prices are breaking the bank in the U.S. and next door in Canada, with the country putting gas restrictions in place and prompting panicked stockpiling. The questions many have are: Why are gas prices so high, what would help them come down and when will that happen?

Joint action by major economies is comparatively rare. So the decision of big oil consumers – the US, China, India, Japan, South Korea and Britain – to challenge OPEC and Russia is a signal moment. Past coordinated actions include the rebuilding of the global economy by the G20 after the financial crisis and emergency interest rate cuts by the US, Britain and the European Central Bank at the start of Covid-19.

It began amicably, with a request from President Biden to OPEC countries to consider boosting their crude oil production because U.S. retail fuel prices were rising fast. Things escalated quickly, with the request becoming a demand and later a veiled threat that unless OPEC did what the White House wanted it to do, there would be consequences.

Happy Wednesday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here: thehill.com/newsletter-signup. Today’s Big Deal: President Biden is pushing for a probe of high gas prices. We’ll also look at the House’s prospects for a Friday vote on the Build Back Better plan and a very angry letter from former President Trump.

America’s right-leaning oil industry has little political will to help President Joe Biden lower energy prices by raising production. But there’s another reason why Texas wildcatters are refusing to help: the status quo is just so profitable.

The White House has approved Avangrid and CIP’s 800MW Vineyard offshore wind project off the coast of Massachusetts. The project will be the first large-scale offshore wind project in the US and will be located 12 nautical miles from Nantucket. It will comprise 84 turbines arranged in a north-south and east-west orientation, with a minimum spacing of one nautical mile between each turbine.