different. a million barrels a day is a significant addition to the marketplace. president is also calling on congress to impose a use it or lose it policy to make companies pay fees for sitting on unused leases pushes producers to ramp up output. some companies have been blunt they don t want to putin s price hikes mean higher profits. one ceo acknowledged they don t care if a price of the barrel of oil goes to $200 a barrel. even democrats say that idea is half baked. if you are going to propose that you also have to then say to the oil companies if you then choose the del fat lease it s got to be permitted in a fast process. you can t venom both ways. million barrel release is equal about two days of global demand, it does nothing to resolve the structural deficit in the market. some analysts fear releasing reserves amid a strong deficit will ultimately keep prices high. if this does not work in the
energy prices being so high. he blames vladimir putin for that. take a look at this. 41% of americans blake economic white house policy. that s what they think is the problem with the higher gas prices. peter doocy reporting live from the north lawn for us. the president is proposing a use it or lose it plan that would punish oil companies for not drilling on existing oil and gas leases that they have. that is problematic. some of these producers are saying not every lease that they have control over actually has anything under the ground. that s what they re going with. i m calling for a use it or lose it policy. congress should make companies pay fees on wells on federal leases that they haven t used in years. companies that are also producing from these wells won t be affected. those sitting on unused leases
a use it or lose it policy. congress should make companies pay fees on wells, on federal leases, they have not used in years. and acres of public land they are hoarding without production. companies already producing from these wells won t be affected. but those sitting on unused leases and idle wells will either have to start producing or pay the price for their inaction. look, the action i m calling for will make a real difference over time. the truth is, it takes months, not days for companies to increase production. that s why the next part of my plan is so important. today i m authorizing the release of 1 million barrels per day for the next six months, over 180 million barrels for the strategic from the strategic petroleum reserve. this is a wartime bridge to increase oil supply and production ramps up later this year. and it is by far the largest release of our national reserve
on federal lands and use some of the leases they do have, and it seems like the tensions have escalated. of course, today, a rather significant escalation with the president calling on congress to fine oil companies for not using drilling permits they have on federal land. here s more of what the president had to say there. to help execute the first part of my plan, i am calling for a use it or lose it policy. congress make companies pay fees on leases. companies that are already producing from these wells won t be affected, but those sitting on unused leases and idle wells will either have to start producing or pay the price for their inaction. you know, the oil industry says, you know, their response to that is that some of these wells, it takes years to develop. there s often litigation that ties things up. they say sometimes they get a
customers and not investors and executives. i am a capitalists, and companies have a obligation that goes beyond their shareholders, to their customers, their communities and country. no american country should take advantage of a pandemic or putin s actions. they should invest in their customers. it s not the patriotic view, but it s good for your business as well. right now oil and gas industries are sitting on nearly 9,000 unused but approved permits for production on federal lands. more than 1 million unused acres, they have a right to pump on. families can t afford to let companies sit on their hands, so to help execute this first part of my plan i am calling for a use it or lose it policy.