PORTLAND, Ore. (KOIN) – After President Joe Biden announced six days ago that the U.S. will release 1 million barrels of oil each day for the next six months from the Strategic Petroleum Reserve, global oil prices have tumbled, and the price per gallon of gas in Oregon has dipped.

The decision to release the oil helped send the global oil price down to about $101 per barrel. A week before, it was about $107 per barrel. 

The Biden administration said it decided to release the oil reserves to help drive down record oil prices and ease the price people have been paying at the pump. Prices have soared since Russia attacked Ukraine and the U.S. 

The attack resulted in the U.S. banning Russian imports of oil. Other Western states also banned their Russian oil imports or placed sanctions on products from the country, disrupting the global oil market. 

“Skyrocketing crude oil prices spurred by Russia’s war in Ukraine are finally easing from the planned SPR oil release and increased COVID fears in China, and the lower global crude prices are putting downward pressure on pump prices for U.S. consumers,” said Marie Dodds, public affairs director for AAA Oregon and Idaho.

Since the release, AAA said gas prices have begun to retreat in all 50 states. For the week, the national average price per gallon dropped 7 cents to $4.18 per gallon.

In Oregon, the state hit record-high gas prices in March. Since then, the price per gallon has dropped. On Tuesday, AAA reported the average price per gallon in Oregon is $4.68, down from $4.72 the week before. Oregon’s average gas price peaked on March 11 when it reached $4.739. 

In Portland, the average price per gas only took only a slight dip. On Tuesday, it was $4.77,  down from $4.80 the week before. Salem’s average was $4.54, down from $4.57 a week ago. 

According to the U.S. Energy Information Administration, on average, about 53% of what Americans pay for a gallon of gasoline is for the price of crude oil, 12% is refining, 21% distribution and marketing, and 15% is for taxes. 

About 3% of oil and a total of 8% of oil and refined products used in the U.S. in 2021 came from Russia. In Europe, about 25% of oil is imported from Russia. 

The U.S. is the largest oil producer in the world and the Biden administration has expressed frustration with oil companies for not increasing production from unused leases on federal land during the Russian invasion of Ukraine.