Biden to Release 15M Barrels of US Oil from Reserves

Facts

• US Pres. Biden will reportedly announce Wednesday the release of 15M barrels of oil from the US Strategic Reserve, with additional drawdowns possible this winter. Depending on crude oil prices, Washington intends to replenish the reserves, senior admin. officials said.
• The measure, which completes the 180M barrel release authorized by Biden earlier this year, is part of the largest-ever dip into the emergency oil reserves as Biden looks for ways to calm energy markets and shield the US economy from shocks caused by skyrocketing oil prices.
• Washington is also said to have spoken to oil companies about selling an additional 26M barrels from a congressionally mandated sale in the 2023 fiscal year, which began on Oct. 1.
• With the release of the Biden-authorized quantity of oil, the strategic reserve, which currently contains about 400M barrels of oil, more than half of the reserve capacity, falls to its lowest level since 1984.
• The US government's decision to release 180M barrels from the Strategic Petroleum Reserve aims to combat a potential supply crisis triggered by sanctions imposed on Russia following the outbreak of the Ukraine war.
• The latest move also comes after OPEC+ slashed its production quota by 2M barrels a day earlier this month, leading to speculation that the White House could respond with more releases from the SPR to ease prices.

Sources: Associated Press, France24, Guardian, Fox 9, Reuters, and MSN.

Narratives

• Republican narrative, as provided by New York Post. This administration has continued to fumble the current oil crisis. When oil prices go down, Biden takes credit for it; when oil prices go up, Biden blames external factors. As Americans suffer from high prices at the pump, Biden has systematically handicapped the US's oil production and refinement, mishandled geopolitical crises, and antagonized America's oil-producing allies, such as Saudi Arabia.
• Democratic narrative, as provided by CNN. The Biden admin. has been doing everything it can to stabilize oil markets, and this decision is no different. Contrary to popular rhetoric, Biden isn't to blame for what's a global issue caused by a myriad of factors that are largely out of his control. Despite this, Biden has shown his support for combating rising pump prices and will continue to do so, as exhibited by this upcoming announcement.

Predictions