President Joe Biden ordered the release of 15 million barrels of oil to combat high gas prices ahead of the midterm elections.
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The move completes Biden’s March directive to release 180 million barrels from the Strategic Petroleum Reserve, the largest sale in the reserve’s nearly 50-year history. The national average pump price for a gallon of gas has significantly dropped since summer but has ticked up since September and is still higher than it was last year.
Biden’s move comes about two weeks after OPEC and its oil-exporting allies announced it would cut oil production by 2 million barrels per day to boost prices. The national average pump price for a gallon of gas has significantly dropped since summer but has ticked up since September and is still higher than it was last year.
Biden’s move comes about two weeks after OPEC and its oil-exporting allies announced it would cut oil production by 2 million barrels per day to boost prices. The final 15 million barrels of oil that will be added to the market in December is less than one full day’s use of oil in the U.S., according to the Energy Information Administration.
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