Biden releases 15 million oil barrels from strategic reserve
President Biden has announced the release of 15 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) due to OPEC+ production cuts. This release completes the 180 million barrel authorization that Biden approved back in March, which was supposed to occur over 6 months, CBS News reports.
The announcement comes just ahead of the midterm elections, and serves as a bid to curb rising gas prices. Biden stated at a White House event that the release is "going to continue to stabilize markets and decrease the prices." He also blamed Russia's war on Ukraine for the stark increase in fuel costs, Reuters reports. Russia is a part of OPEC+ — the Organization of Petroleum Exporting Countries — which made the decision to cut oil production.
However, due to the release, the SPR is at its lowest level since 1984 with approximately 400 million barrels. To remedy this, Biden also announced that the government will repurchase crude oil when prices are at or below $67-$72 per barrel using fixed-price contracts. A White House press release details how the re-purchase method will create certainty for future energy requirements and protect taxpayers.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
"We are preparing for the future and doing it in a way that's responsible from a taxpayer perspective and constructive for our domestic producers," a senior White House official told reporters.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Devika Rao has worked as a staff writer at The Week since 2022, covering science, the environment, climate and business. She previously worked as a policy associate for a nonprofit organization advocating for environmental action from a business perspective.
-
Today's political cartoons - November 23, 2024
Cartoons Saturday's cartoons - qualifications, tax cuts, and more
By The Week US Published
-
Long summer days in Iceland's highlands
The Week Recommends While many parts of this volcanic island are barren, there is a 'desolate beauty' to be found in every corner
By The Week UK Published
-
The Democrats: time for wholesale reform?
Talking Point In the 'wreckage' of the election, the party must decide how to rebuild
By The Week UK Published
-
The Democrats: time for wholesale reform?
Talking Point In the 'wreckage' of the election, the party must decide how to rebuild
By The Week UK Published
-
Global court issues arrest warrant for Netanyahu
Speed Read The International Criminal Court issued warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant, who stand accused of war crimes
By Peter Weber, The Week US Published
-
Gaetz bows out, Trump pivots to Pam Bondi
Speed Read Gaetz withdrew from attorney generation consideration, making way for longtime Trump loyalist Pam Bondi
By Rafi Schwartz, The Week US Published
-
ATACMS: the long-range American missiles being fired by Ukraine
The Explainer President Joe Biden has authorized their use for the first time in the war
By Justin Klawans, The Week US Published
-
GOP's Mace seeks federal anti-trans bathroom ban
Speed Read Rep. Nancy Mace of South Carolina has introduced legislation to ban transgender people from using federal facilities
By Rafi Schwartz, The Week US Published
-
Ukraine fires ATACMS, Russia ups hybrid war
Speed Read Ukraine shot U.S.-provided long-range missiles and Russia threatened retaliation
By Peter Weber, The Week US Published
-
New York DA floats 4-year Trump sentencing freeze
Speed Read President-elect Donald Trump's sentencing is on hold, and his lawyers are pushing to dismiss the case while he's in office
By Rafi Schwartz, The Week US Published
-
Wyoming judge strikes down abortion, pill bans
Speed Read The judge said the laws — one of which was a first-in-the-nation prohibition on the use of medication to end pregnancy — violated the state's constitution
By Peter Weber, The Week US Published