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OPEC+ cuts leave Biden with few tools left to ease consumers’ pain

By Breanne Deppisch
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OPEC+ cuts leave Biden with few tools left to ease consumers’ pain

Joe Bidenm,Isaac Herzog
Experts warn that continuing to put additional Strategic Petroleum Reserve on the market could pose a major national security risk. (Luke Sharrett/Bloomberg via Getty Images)

When President Joe Biden in March ordered the release of 180 million barrels of oil from the U.S. Strategic Petroleum Reserve, it was a historic moment — marking the largest and fastest release of oil from the national emergency stockpile since its creation in 1973.

“The bottom line is, if we want lower gas prices, we need to have more oil supply now,” Biden said during his speech in March announcing the SPR sales.

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Joe Biden Oil OPEC Saudi Arabia