Biden to release 15M barrels from oil reserve, more possible

WASHINGTON (AP) — President Joe Biden will announce the release of 15 million barrels of oil from the U.S. strategic reserve as part of a response to recent production cuts announced by OPEC+ nations. That’s according to senior administration officials who spoke on the condition of anonymity to outline Biden’s plans. The Democratic president on Wednesday (Oct. 19, 2022) will say more oil sales are possible this winter, as his administration rushes to be seen as pulling out all the stops ahead of next month’s midterm elections. Biden in March authorized the release of 180 million barrels that was supposed to occur over six months. The strategic reserve now contains roughly 400 million barrels of oil, its lowest level since 1984.