15 million barrels will be released from nation’s oil reserve
The Biden administration announced that they will release of 15 million barrels of oil from the country’s Strategic Petroleum Reserve in an effort to lower fuel prices.
Last week, leading OPEC, the Saudi government rejected appeals from the U.S. and moved forward with cutting oil production.
This came after news broke that the Biden administration urged Saudi Arabia to delay reducing their oil production by one month—which would push the change off until after the midterm elections.
The decision is expected to cause gas prices to spike in the U.S. before Election Day.
On Wednesday, U.S. President Joe Biden announced the release would lower gas prices and strengthen domestic oil production.
As the President wrapped up his remarks at the White House, a reporter shouted out at him, “What is your response to Republicans who say you are only doing this SPR release to help Democrats in the midterms?
“Where have they been the last four months? That’s my response,” Biden said, sarcastically.
Another reporter asked, “Is it politically motivated, sir, three weeks before the midterms?”
Biden responded, “No, it’s not. Look, it makes sense. I’ve been doing this for how long now? It’s not politically motivated at all. It’s motivated to make sure that I continue to push on what I’ve been pushing on.”
Additionally, the release comes as the administration has been meeting with executives from oil company to try and negotiate ways to lower fuel prices ahead of the midterm elections.
Inflation—driven by high energy prices—is a key issue in this year’s elections.
