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U.S. President Joe Biden‘s administration plans to announce later on Wednesday that he will release 15 million barrels of the strategic oil reserves in an effort to push fuel prices downward ahead of next November’s midterm legislative elections.
This step is a part of the existing plan announced last March to release 180 million barrels of crude oil to the U.S. market over the year.
Oil prices have fallen out of the possibility that additional amounts of U.S. strategic reserves could allay markets’ fears about supply constraints as the winter season approaches.
Noteworthy, the fuel prices had increased last week after OPEC and its partners from other countries decided to collectively cut production by 2 million barrels a day.
