President Biden releases 15 million barrels of oil from strategic reserve

On Wednesday President Biden announced the release of 15 million barrels of oil from the U.S. strategic reserve.

The strategic reserve is collection of 60 underground salt caverns where millions of gallons of crude oil are stored in barrels. It is the largest storage of crude oil in the world. A sitting President can tap into this resource, but only under certain conditions.

Biden’s announcement on Wednesday completes the release of 180 million barrels, which was authorized by the Biden Administration in March.  

The recent release has left strategic reserve at its lowest level since 1984.   The Biden Administration called this a “bridge” until domestic production could be ramped up. There is now 400 million barrels of oil left in the strategic reserve.

“Let me repeat: Gas prices have come down and they continue to come down again,” Biden said at the White House. “But they’re not falling fast enough.”

Biden was asked by reporters for a response to criticism from Republicans who said that the release was a political move ahead of November’s midterms.

“Where have they been the last four months? That’s my response,” he replied.

The White House has not ruled out further releases from the reserve this winter in an effort to keep gas prices affordable.

Biden hit out at anyone who claimed he was trying to thwart oil production within the United States.

“Let’s debunk some myths here. My administration has not stopped or slowed US oil production. Quite the opposite,” Biden said.

He continued, “we’re producing 12 million barrels of oil per day. And by the end of this year, we will be producing 1 million barrels a day more than the day in which I took office. In fact, we’re on track record oil production in 2023.”