More Oil From National Reserve
A week after OPEC, the Organization of Petroleum Exporting Countries, announced plans to raise oil prices by cutting oil production, President Joe Biden announced he will release 15 million barrels of oil from our national reserves in an effort to avoid another gas price hike.
Since hitting nearly $7 per gallon at the pump as a national average, a price still current here in California, prices dipped by a few cents twice, then rose again.
The latest release planned by the Qhite House will complete a 180 million barrel authorization Biden promised in March, and will bring our national reserve down to 400 million barrels. It hasn’t been that low since 1984.