US to release 15M barrels from oil strategic reserve

Biden will announce Wednesday that he is authorizing the release of another 15 million barrels from the Strategic Petroleum Reserve. The draw completes the US plan announced earlier this year to release a total of 180 million barrels, NPR reported.

Senior administration officials told reporters Tuesday that the additional 15 million barrels will be released sometime in December.

It is aimed at ensuring there’s enough oil on the market to ensure gasoline prices don’t spike up, no matter what actions Russia and other big players take.

OPEC+ announced that it plans to cut production in November by 2 million barrels a day, though it’s unclear how quickly that cut could take hold. Biden, who had visited Saudi Arabia over the summer in order to improve relations, was frustrated and warned of “consequences” for Saudi Arabia for the move.

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.

RHM/PR