Biden vs OPEC, Releases Emergency Oil Reserves

Biden vs OPEC, Releases Emergency Oil Reserve

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

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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.

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

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

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

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

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

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THANKS FOR READING

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