Biden Plans To Drain 15 Million Barrels From Depleted Oil Reserve

U.S. President Joe Biden delivers remarks about the student loan forgiveness program from an auditorium on the White House campus in Washington, U.S., October 17, 2022. REUTERS/Leah Millis
October 19, 2022

WASHINGTON (Reuters)—President Joe Biden said Wednesday the United States will sell 15 million barrels from the nation's Strategic Petroleum Reserve (SPR) by the year's end and detailed a strategy to refill the stockpile when prices drop.

Biden's plan is intended to add enough supply to prevent oil price spikes that could hurt consumers and businesses, in the wake of a decision by OPEC+ oil-producing nations, let by Saudi Arabia, to cut oil production ahead of U.S. midterm elections. Biden and his Democrats could lose control of one or both houses of Congress in November voting.

(Reporting by Nandita Bose and Steve Holland; Editing by Marguerita Choy)