United States President Joe Biden confirmed on Wednesday that the country will sell additional 15 million barrels of oil from the Strategic Petroleum Reserve (SPR) in order to stabilize markets in order to bring down the raging prices of the commodity prompted by the war in Ukraine.
"We are on track for record oil production in 2023," underscored Biden, adding that the country is the largest producer of petroleum in the world. "We export more than we import," stated the country's 46th president. Additionally, the president revealed a plan that is intended to replenish SPR's oil reserve through crude purchases, when its prices slump to $70 per barrel.
In order to provide consumers with fair prices, Biden urged oil corporations to enhance the country's production and investment. In light of the upcoming midterm elections in November, the country's president emphasized that the decision to release higher amounts of oil from the SPR is "not politically motivated."
