Biden set to announce release of millions of oil barrels from US reserve ahead of midterms
New York PostOct 19, 2022
On Wednesday, US Pres. Biden announced the release of 15M barrels of oil from the Strategic Petroleum Reserve (SPR), with additional drawdowns possible this winter. He also disclosed plans to replenish reserves once crude oil prices are down to $70 a barrel.
The measure, which reportedly completes the 180M barrel release authorized by Biden earlier this year, is part of the largest-ever dip into the emergency oil reserves as Biden looks for ways to calm energy markets and shield the US economy from shocks caused by skyrocketing oil prices.
This administration has continued to fumble the current oil crisis. When oil prices go down, Biden takes credit for it; when oil prices go up, Biden blames external factors. As Americans suffer from high prices at the pump, Biden has systematically handicapped the US's oil production and refinement, mishandled geopolitical crises, and antagonized America's oil-producing allies, such as Saudi Arabia.
The Biden admin. has been doing everything it can to stabilize oil markets, and this decision is no different. Contrary to popular rhetoric, Biden isn't to blame for a global issue caused by a myriad of factors that are largely out of his control. Despite this, Biden has shown his support for combating rising pump prices and will continue to do so, as exhibited by this latest announcement.
There's a 50% chance that the price of oil will be at least $92.4 per barrel by December 2022, according to the Metaculus prediction community.