U.S. PRESIDENT JOE BIDEN TO ANNOUNCE RELEASE OF 15 MILLION BARRELS OF OIL FROM STRATEGIC RESERVE

Oct 19, 2022

By Jeremy Logan

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American President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve in response to recent O.P.E.C.+ production cuts.

This reportedly comes from senior administration officials who spoke on the condition of anonymity to outline Biden’s plans.

On Wednesday, the Democratic president will say that more oil sales are possible this winter, as his administration tries to appear to be pulling out all the stops ahead of next month’s midterm elections.

In March, Biden authorized the release of 180 million barrels over a six-month period.

The strategic reserve now holds approximately 400 million barrels of oil, the lowest level since 1984.

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