President Joe Biden is releasing 15 million barrels of oil from the U.S. strategic reserve as part of a response to recent production cuts announced by OPEC+ nations. And Mr. Biden says more oil releases are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next month’s midterm elections.
Yesterday’s announcement will complete the release of 180 million barrels authorized by Biden in March which was initially supposed to occur over six months.
America’s strategic reserve will be at its lowest level since 1984 in what the administration terms a “bridge” until domestic production can be increased.
The reserve now contains roughly 400 million barrels of oil.
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