President Biden announced that the Department of Energy will be releasing another 15 million barrels of oil from the Strategic Petroleum Reserve. The Biden Administration has already released around 165 million barrels of oil from the reserve to counteract the high prices of oil from Covid-19 the Russia-Ukraine War. Recently, OPEC+ announced that they would be significantly slashing oil production, as well. The cost of gas has been an important topic to voters and especially ahead of the Midterms, President Biden is trying to take proactive steps to lower the cost of gas.
BIDEN: “The Department of Energy will release another 15 million barrels from the Strategic Petroleum Reserve, extending our previously announced release through the month of December. Independent analysts have confirmed that drawdown from reserves so far have played a big role in bringing down oil prices, bringing them down. So we're going to continue the responsible use of that national asset.”