Joe Biden has released 180 million barrels from the strategic petroleum reserve since April —and now he’s tapping 10 million more.
According to a Fox News report, President Biden will release the 10 million barrels in an attempt to stave off rising gas prices —which are almost a certainty in light of OPEC cutting its oil production by 2 million barrels a day.
From Fox News:
His decision was announced just hours after Organization of the Petroleum Exporting Countries (OPEC+) said it would be cut oil production by 2 million barrels a day.
The cuts will restore the oil market for top producers like Saudi Arabia and Russia but are also expected to drive up costs at the pump globally.
But Biden’s attempt to circumvent the spike in gases prices expected to hit the market in time for the midterm elections may not prove all that effective.
In March, Biden said he would release 1 million barrels of oil a day to counter record high gas prices amid a global economic recession, inflation and disruption to the market caused by the war in Ukraine.
More over at Fox News: