Biden releases 10 million barrels of oil from Strategic Petroleum Reserve following OPEC+ cut

U.S. Strategic Petroleum Reserve levels are at their lowest since 1984.

Published: October 6, 2022 7:23am

Updated: October 6, 2022 8:17am

The White House plans on releasing 10 million barrels of oil from the Strategic Petroleum Reserve next month in response to the decision from the Organization of the Petroleum Exporting Countries to cut oil production by 2 million barrels a day.

The White House condemned the oil-producing countries for the decision, saying the are "aligning with Russia" and that President Biden will "continue to direct SPR releases as appropriate," in addition to the millions being released in November.

Biden has been trying to keep U.S. energy prices as low as possible by tapping into the reserve, which is now at its lowest levels since 1985, according to Energy Department data.

Gas prices are already rising in response to OPEC's announcement. The average price for a gallon of regular gas in the United States is $3.86 as of Thursday, $0.03 more than than it was Wednesday, according to AAA.

The oil cartel's decision comes just months after Biden met with officials from Saudi Arabia, a leading OPEC+ member, in an attempt to boost oil supplies.