President Biden is releasing 15 million additional barrels from the Strategic Petroleum Reserve (SPR), according to senior administration sources, in an effort to lower energy and gas prices that have remained consistently high.
According to the officials, when oil prices fall to between $67 and $72 per barrel, Biden will also go over a strategy for starting to replenish the depleted oil stockpile.
The White House stated that the most recent 15 million barrels will fulfill Biden’s commitment, which he made earlier this year to release 180 million barrels from the SPR.
