: Biden defends his release of oil reserves from criticism that it’s politically motivated

by | Oct 19, 2022 | Stock Market

President Joe Biden on Wednesday defended his use of U.S. oil reserves from criticism that’s it’s spurred by next month’s midterm elections, as his administration rolled out plans to release 15 million barrels of oil from the U.S. Strategic Petroleum Reserve. “It’s not politically motivated at all,” Biden said, as he took questions from reporters at the White House.

The president also appeared to refer to how releases from the SPR have been going on for some time, as he said: “Where have they been the last four months?” The latest release completes the historic drawdown of 180 million barrels that Biden announced in March and that began in May, as Russia’s invasion of Ukraine spurred rises in fuel prices. It comes as the White House aims to respond to a production cut by OPEC+ and lower gasoline prices
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ahead of the midterm elections. Republicans have blasted Biden’s approach with the SPR, as they seek to take control of the U.S. House and Senate in the midterms. “The Strategic Petroleum Reserve is for times of CRISIS, not for Pres. Biden’s political ploy to deflate gas prices before November,” said GOP Rep. Michael Burgess of Texas in a tweet. “This is just plain irresponsible. The American people can see right through it.” White House officials said Tuesday that the president would announce the release of 15 million barrels on Wednesday. Biden on Wednesday also defended himself from critics who charge that he has wiped out too much of the SPR, saying the stockpile is “more than half full, with about 400 million barrels of oil
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” In addition, the president said he’s told his team to “look for further releases in the months ahead if needed.” He added that the federal government will purchase oil to refill the SPR when prices fall to $70 a barrel, and “that means oil companies can invest to ramp up production now, with co …

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