By
Associated Press
President Joe Biden will announce this Wednesday the release of 15 million barrels of oil from the United States strategic reserve, following recent production cuts by OPEC+ (Organization of Petroleum Exporting Countries) and amid growing popular discontent by high fuel prices, which will have an impact on the mid-term elections in November.
Biden is expected to make the announcement during a news conference scheduled for Wednesday, according to senior administration officials who spoke on condition of anonymity.
With this move, the White House completes the release of the total of
180 million barrels
authorized by Biden in March, to be completed in a period of six months.
The president's decision will cause the US strategic fuel reserve to fall to its lowest level since 1984, but Biden said it is what he called "a temporary patch" until domestic production can be increased.
In weeks it will be known how the new OPEC+ cut will impact the price of gasoline
Oct. 6, 202200:26
The reserve now contains about 40 million barrels of oil.
Biden will also usher in special winter oil releases, as part of the effort to bring down fuel prices, which continue to rise across the country.
More information soon...