Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: One was killed, another injured in a raid by an Israeli drone on the city of Khiam in South Lebanon
London views possibility of setting fire to tanker in port of friendly country to Russia to damage port infrastructure, initiate an international probe: Moscow
One of London's scenarios involves setting up accident with 'undesirable' tanker in one of the bottlenecks of maritime communications: Russian foreign intelligence agency
London plans to organize major sabotage with tankers to declare transportation of Russian oil to international shipping: Russian foreign intelligence agency
UK intelligence agencies plan to use NATO allies to launch massive raid on 'Shadow Fleet': Russian foreign intelligence agency
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.

December is date Biden set to release 15mln oil barrels from US SPR

  • By Al Mayadeen English
  • Source: Agencies
  • 19 Oct 2022 08:18
3 Min Read

US President Joe Biden is expected to announce Wednesday that the United States intends to draw 15 million barrels of oil from strategic stocks in December.

  • x
  • President Joe Biden is again tapping the US strategic oil reserves in a bid to soothe energy markets and shield the world’s biggest economy from Ukraine war shocks. Source: AFP photo
    President Joe Biden is again tapping the US strategic oil reserves in a bid to soothe energy markets. (AFP)

US President Joe Biden announces on Wednesday his intention to put a final 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said. 

The new tranche of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorized in the spring," in response to price hikes linked to Russia's military operation in Ukraine, a senior US official said Tuesday.

The directive, which Biden will deliver in a speech, means that the president will be "making clear that the administration is prepared to undertake considerable additional... sales this winter if they are needed due to Russian or other actions disrupting global markets," according to an official.

Biden's gamble to calm energy markets and protect the US economy from the imposed sanctions on Russia, which led to an energy crisis, was to take the largest-ever dive into emergency oil stockpiles, which are generally reserved for responding to crises such as hurricane-related shutdowns at oil refineries.

Major energy exporter Russia was hit with US and European sanctions soon after launching the military operation in Ukraine in February, causing turmoil in markets. 

There are severe domestic issues for Biden, with gasoline prices averaging more than $5 a gallon at one point, creating widespread outrage. While prices have now leveled out, inflation remains the most important reason motivating Republicans' hopes of ousting Democrats in the November midterm elections.                

This comes after a White House statement yesterday that revealed Biden's intentions to release barrels of oil from the country's emergency oil reserves to combat rising fuel costs. 

Related News

UK, NATO plotting sabotage of Russian oil tankers, says SVR

Clashes erupt in Deir Hafer between SDF, Syrian army factions

Read next: Russia, KSA feeding inflation via oil production cut: Biden

According to a person familiar with White House talks, Biden is looking to lower gas costs before the upcoming midterm elections. "The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying," the unnamed source said.

"The White House did not like $4 a gallon gas and it has signaled that it will take action to prevent that again," they added. 

The AAA motor club said the average US gasoline prices were around $3.89 per gallon on Monday, up nearly 20 cents from a month ago and 56 cents from this time last year. Gasoline prices hit a record average above $5.00 in June.

Moreover, Biden said on Wednesday that there is a plan to refill the reserve as soon as prices hit around $67-72 a barrel, a senior official said.

This is "an important signal for producers that the SPR will be part of helping to moderate and stabilize price flows, not only when prices are going high but when prices are going low," he said.

The reserve, meanwhile, remains in good shape, the official claimed, with more than 400 million barrels. "That is still a large amount" and allows for "additional opportunity... if we need to do more sales."

Read next: US oil reserves massively depleting

  • United States
  • Washington
  • US oil reserves
  • Joe Biden

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS