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 2, 2024
Cartoons Saturday's cartoons - anti-fascism, early voter turnout, and more
By The Week US Published
-
Geoff Capes obituary: shot-putter who became the World’s Strongest Man
In the Spotlight The 'mighty figure' was a two-time Commonwealth Champion and world-record holder
By The Week UK Published
-
Israel attacks Iran: a 'limited' retaliation
Talking Point Iran's humiliated leaders must decide how to respond to Netanyahu's measured strike
By The Week UK Published
-
North Korea tests ICBM, readies troops in Ukraine
Speed Read Thousands of North Korean troops are likely to join Russian action against Ukraine
By Rafi Schwartz, The Week US Published
-
Women take center stage in campaign finale
Speed Read Harris and Trump are trading gender attacks in the final days before the election
By Peter Weber, The Week US Published
-
US election: who the billionaires are backing
The Explainer More have endorsed Kamala Harris than Donald Trump, but among the 'ultra-rich' the split is more even
By Harriet Marsden, The Week UK Published
-
Supreme Court allows purge of Virginia voter rolls
Speed Read Gov. Glenn Youngkin (R) is purging some 1,600 people from state voter rolls days before the election
By Rafi Schwartz, The Week US Published
-
'We shouldn't be surprised that crypto is back'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
'Empowered' Steve Bannon released from prison
Speed Read Bannon was set free a week before Election Day and quickly returned to his right-wing podcast to promote Trump
By Rafi Schwartz, The Week US Published
-
Canada accuses top Modi ally of directing Sikh attacks
Speed Read Indian Home Minister Amit Shah was allegedly behind a campaign of violence and intimidation targeting Sikh separatists
By Peter Weber, The Week US Published
-
Harris makes closing case in huge rally at DC's Ellipse
Speed Read The Democratic nominee asked voters to "turn the page" on Trump's "division" and "chaos"
By Peter Weber, The Week US Published