• By The Financial District

Biden To Release More Oil From Strategic Reserve

The Biden administration faces big political pressures, but it has been criticized for leaning heavily on the reserve as gas prices have largely stabilized, Cleve R. Wootson Jr. and Evan Halper reported for The Washington Post.


Photo Insert: Biden was miffed by the decision of Saudi Arabia, the Organization of Petroleum Exporting Countries (OPEC), Russia, and OPEC+ to slash 2 million barrels of oil from their daily output to push up prices.



President Biden will announce on Wednesday (Thursday, Oct. 20, 2022, in Manila) that he is releasing 15 million more barrels of fuel from the Strategic Petroleum Reserve (SPR), a move aimed at easing gas prices three weeks before voters anxious over rising costs head to the polls as Democrats have been battered by GOP attacks on the economy.


Biden was miffed by the decision of Saudi Arabia, the Organization of Petroleum Exporting Countries (OPEC), Russia, and OPEC+ to slash 2 million barrels of oil from their daily output to push up prices.



The US had urged Saudi Arabia not to cut its daily output but Riyadh proceeded with the production slash for technical reasons. In retaliation, US lawmakers have filed a bill banning weapons sales to Saudi Arabia.


The impact of the production slash would be on US allies since Washington is not dependent on OPEC.



WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic



Optimize asset flow management and real-time inventory visibility with RFID tracking devices and custom cloud solutions.
Sweetmat disinfection mat