Biden Taps Emergency Oil Stockpiles Ahead of Midterm Elections

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President Joe Biden is aiming to help lift the heavy toll of rising gas prices and inflation ahead of the midterm elections. Today, he announced a plan to dip into the nation’s emergency oil reserves, the Strategic Petroleum Reserve, and release about 15 million barrels into the national supply. It’ll be the final chunk of a 180 million-barrel drawdown authorized by Biden in March after the global supply chain was disrupted by the Russian invasion of Ukraine.

About 400 million barrels will remain in reserve, and Biden said that will be topped up when oil prices stabilize. Biden has faced criticism from Republicans that he is drawing on the reserve for political reasons rather than a legitimate emergency. Read more. 

Source: Matzav

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