President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve Wednesday as part of a response to recent production cuts announced by OPEC+ nations. FOX13
and he will say more oil sales are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next month’s midterm elections.
Biden will also say that the U.S. government will restock the strategic reserve when oil prices are at or lower than $67 to $72 a barrel, an offer that administration officials argue will increase domestic production by guaranteeing a baseline level of demand even if prices fall.
The prospective loss of 2 million barrels a day — 2% of global supply — has had the White House saying Saudi Arabia sided with Russian President Vladimir Putin and pledging there will be consequences for supply cuts that could prop up energy prices. The 15 million-barrel release would not cover even one full day's use of oil in the U.S., according to the Energy Information Administration.
Jared Bernstein, a member of the White House Council of Economic Advisers, said a past release of oil from the U.S. strategic reserve contributed to a decline in prices at the pump this summer. That decline ended last month as prices began to rise again, though they've eased somewhat in the past week.
Biden still faces political headwinds because of gas prices. AAA reports that gas is averaging $3.87 a gallon, up from a month ago when falling prices at the pump suggested that the president and his fellow Democrats were faring better in surveys. The hard math for Biden is that oil production has yet to return to its pre-pandemic level of roughly 13 million barrels a day. It's about a million barrels a day shy of that level. The oil industry would like the administration to open up more federal lands for drilling, approve pipeline construction and reverse its recent changes to raise corporate taxes.
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