Date uploaded: 2022-10-19 15:04:37
President Joe Biden will soon announce a release of 15 million barrels of oil from the nation’s emergency reserves.
The move completes Biden’s March directive to release 180 million barrels from the Strategic Petroleum Reserve, the largest sale in the reserve’s nearly 50-year history.
OPEC, along with a Russia-led group of oil producers known together as OPEC+, said last week that it would cut oil production by 2 million barrels a day, a move that will likely raise oil prices.
But experts say demand for crude oil and gasoline could fall if central banks' efforts to slow inflation lead to an economic downturn.
Click the link in @usatoday’s bio to read more on how this could affect oil and gas in the U.S.
