President Biden to Release 15 Million Barrels From Oil Reserve, More Possible
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. Yet the president is also expected to renew his criticism of the profits reaped by oil companies — repeating a bet made this summer that public condemnation would matter more to these companies than shareholders’ focus on returns.
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.
President Joe Biden promised the full support of the federal government to the people of Florida and warned oil executives not to use Hurricane Ian as an excuse to raise the price of gasoline.. AAA reports that gas is averaging $3.87 a gallon. That's down slightly over the past week, but it's up from a month ago. The recent increase in prices stalled the momentum that the president and his fellow Democrats had been seeing in the polls ahead of the November elections.
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Biden to release 15M barrels from oil reserve, more possibleThe strategic reserve now contains roughly 400 million barrels of oil, its lowest level since 1984.
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Biden to release 15M barrels from oil reserve, more possibleThe strategic reserve now contains roughly 400 million barrels of oil, its lowest level since 1984.
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President Biden to release 15M barrels from oil reserve, more possiblePresident 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.
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Biden to release 15M barrels from oil reserve, more possiblePresident Biden will deliver remarks Wednesday to announce the drawdown from the strategic reserve, senior administration officials said Tuesday on the condition of anonymity to outline Biden's plans.
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