US Joe Biden announced the release of 15 million barrels of oil from the US strategic reserve Wednesday as his administration seeks to lower prices ahead of next month’s midterm elections. He also announced a policy to restock the strategic reserve.
High fuel prices are threatening are feeding voter anger at the administration three weeks before midterm elections to decide control of Congress.
Officials said this step completes the release of 180 million barrels authorized by Biden in March that was initially supposed to occur over six months.
That has sent the strategic reserve to its lowest level since 1984 in what the administration called a “bridge” until domestic production could be increased.
The reserve now contains roughly 400 million barrels of oil.
