Pres. Biden announces oil release

October 20, 2022
fuel pump

… we’re going to continue to stabilize markets and decrease the prices at a time when the actions of other countries have caused so much volatility.

President Biden announcing the release of 15 million barrels of oil. It is the final installment of the 180 million barrels he pledged in the spring.

Why It Matters: President Biden confirmed the release of additional oil from the nation's stockpile – the Strategic Petroleum Reserve – in order to bring down gas prices. Oil prices have recently increased after OPEC+, a group of major oil producing countries like Saudi Arabia and Russia, decided to cut oil production. Pres. Biden's announcement was also made less than three weeks before the midterm elections.

Worth Noting: The 15 million barrels will not be released until December. ABC News reports that "administration officials said Biden is making an announcement now because of standard Department of Energy policy that requires a notification of the release a month and a half in advance."

Biden announces more steps to try to lower gas prices, including next oil release from reserve (ABC News)

Biden administration to tap oil reserve again ahead of midterms (Politico)

by Jenna Lee,