President Joe Biden announced on Oct. 19 the release of 15 million barrels of oil from the strategic petroleum reserve (SPR) due to recent production cuts announced by the OPEC + coalition.
Since the release of 180 million barrels of oil from the strategic petroleum reserves in March, the White House said that the release of 15 million more barrels will complete this commitment. And to earn money for taxpayers, the Biden administration is using the SPR as a monetary tool to relieve gas prices at the pump, which will hopefully put more cash in consumers' pockets for other necessities.
