President Biden will announce Wednesday that he is authorizing the release of another 15 million barrels from the Strategic Petroleum Reserve. The draw completes the U.S. plan announced earlier this year to release a total of 180 million barrels.
President Biden, seen here in Washington on Tuesday, will announce Wednesday the release of an additional 15 million barrels from the Strategic Petroleum Reserve.President Biden, seen here in Washington on Tuesday, will announce Wednesday the release of an additional 15 million barrels from the Strategic Petroleum Reserve.
Biden's expected announcement comes just weeks ahead of the midterms where inflation — including the price of gas — has emerged as the major issue for voters. Polls show the issue adversely affecting the Democrats though Biden and others have tried to shift the conversation in recent weeks and months to abortion access and the fate of democracy.
The official also said that should Russian President Vladimir Putin's war in Ukraine continue to affect the cost of crude oil, the Department of Energy has an total of 400 million barrels still in its reserves. The Biden administration said it plans to restock the reserves as soon as oil prices fall between $67 and $72 per barrel. U.S. crude prices are around $82 per barrel.
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