Biden orders officials to prepare for more strategic oil releases

Oil tanks

US President Joe Biden ordered officials to prepare for the release of more US Strategic Petroleum Reserve, as he agreed to sell 15 million barrels of oil in December.

US administration officials said Biden will make this announcement today, Oct. 19, during a speech on his efforts to reduce gasoline prices, the Financial Times reported.

With the sale of an additional 15 million barrels of oil by the end of this year, the program to release 180 million barrels that the US president pledged in March will be complete.

Gasoline prices have risen in the recent weeks after their sharp drop during the summer season. They are about 60% higher compared to January 2021 when Biden took office.

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