Biden Announces Release of 15 Million More Oil Barrels from Reserve

The White House is set to announce the sale of 15 million more oil barrels from the Strategic Petroleum Reserve (SPR).

Key Quotes: "This sale will complete the historic, 180-million-barrel drawdown the President announced in the spring, which has helped to stabilize crude oil markets and reduce prices at the pump," according to a White House fact sheet. Biden said Tuesday that "we need to responsibly increase American oil production without delay or deferring our transition to clean energy." An economist told Politico that there's "no switch you can turn that’s immediately going to cause a bunch more oil to come out of the ground." An energy market analyst wrote that "The Biden administration still doesn’t get the fact that the release from the Strategic Petroleum Reserve (SPR) failed to control oil prices."

For Context: After falling for months, gas prices are on the rise again, up roughly 5% from a month ago. OPEC+ recently decided to cut oil production by roughly 2 million barrels per day, which contributed to the price spike and prompted Biden to sell off more reserves. The SPR is at its lowest level since 1984, with around 400 million barrels remaining. 

How the Media Covered It: Sources across the spectrum framed the move as being unlikely to impact gas prices. Right-rated sources focused more on concerns about the SPR being low and voices who criticized Biden's handling of the situation.