Biden Plans To Drain 15 Million Barrels From Depleted Oil Reserve

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)


The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily

All copyrights and legal uses attributed to content are located at the article origination: © Washington Free Beacon, Biden Plans To Drain 15 Million Barrels From Depleted Oil Reserve

Original Image Credit: Washington Free Beacon 


0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments