Biden To Release 15 Million Barrels , From Oil Reserve.
Biden To Release 15 Million Barrels , From Oil Reserve.
NBC News reports that President Biden
made the announcement on Oct. 19.
I have been doing everything in my power to reduce gas prices since Putin’s invasion of Ukraine caused these prices to spike and rattled international oil markets, President Joe Biden, via statement.
NBC News reports that since America uses close to
20 million barrels of oil per day, analysts don't think another 15 million barrels will affect gas prices that much.
Currently, the Strategic Petroleum Reserve
is at its lowest level in almost 40 years.
Biden said that once prices drop
to $70 a barrel, his administration will
purchase crude to refill the reserves.
The president also said that his plan should convince the oil industry that it “can invest to ramp up production now with confidence that they will be able to sell their oil to us.”.
My message to oil companies is this: You’re sitting on record profits and we’re giving you more certainty so you can act now to increase oil production, President Joe Biden, via statement.
The midterm elections are just weeks away.
Currently, Biden has a 43% approval rating