Biden Releasing Another 15 Million Barrels From Strategic Petroleum Reserve

Thursday, October 20th, 2022 -- 8:00 AM

(By Dustin Jones, Wisconsin Public Radio) President Biden announced Wednesday that he is authorizing the release of another 15 million barrels from the Strategic Petroleum Reserve.

According to Dustin Jones with Wisconsin Public Radio, the draw completes the U.S. plan announced earlier this year to release a total of 180 million barrels. 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. 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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