President Biden said he will release 10 million barrels from the Strategic Petroleum Reserve in November to counter the OPEC+ oil cuts.
President Biden speaks during the White House Conference on Hunger, Nutrition and Health, at the Ronald Reagan Building in Washington on Sept. 28, 2022.
The release of roughly 180 million barrels of oil from the U.S. petroleum reserves was expected to end Oct. 31. The White House condemned the OPEC+ decision and said in a joint statement released by National Security Adviser Jake Sullivan and NEC Director Brian Deese that Biden was "disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine."
The pair said lower- and middle-income nations around the globe will be hit the hardest by the drop in oil supplies in the market. "The President will continue to direct SPR releases as appropriate to protect American consumers and promote energy security," the White House officials said. "He is directing the Secretary of Energy to explore any additional responsible actions to continue increasing domestic production in the immediate term.
Biden has also once again called on U.S. energy companies to continue to bring pump prices down by closing the "historically large gap between wholesale and retail gas prices."
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