Biden vs OPEC, Releases Emergency Oil Reserve

A A Z K A N E W S

By Vasantha

October 20, 2022

President Joe Biden will declare on Wednesday that he is releasing 15 million barrels of oil from the country's emergency reserves.

Two weeks ago OPEC and its oil-exporting allies said they would reduce oil output by 2 million barrels per day in order to raise prices. 

The action brings Biden's March order to release 180 million barrels from the Strategic Petroleum Reserve,

the largest sale in the reserve's nearly 50-year history—to a successful conclusion.

The average national price at the pump for a gallon of gasoline has increased slightly since September 

but has remained higher than it was in the previous year despite a big decline throughout the summer. 

According to the Energy Information Administration, 15 million barrels of oil are not enough to meet the country's needs for an entire day.

The most recent Biden drew from the reserves for the first time in November amid a rise in gas costs and increasing inflation.

Eminem Net Worth, Age, Height & More [2022] 

THANKS FOR READING