Biden defends US oil reserve release to fight rising gas prices before midterms: 'Not politically motivated'
Biden dismissed accusations from Republicans that the massive release of oil was politically motivated ahead of the midterms
President Biden announced the release of 15 million more barrels of oil from the U.S. Strategic Petroleum Reserve Wednesday.
President Biden dismissed Wednesday accusations that he was releasing oil from the nation's strategic reserves in order to boost Democrats ahead of the midterm elections.
Speaking at the White House, Biden explained that the White House would be releasing an additional 15 million barrels from the U.S. reserves. He went on to say that he would refill the Strategic Petroleum Reserve when prices fell below $70 per barrel.
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Asked by a reporter to respond to Republican accusations that the release of the oil reserves was done for a political advantage, Biden dismissed the notion.
"It's not politically motivated at all," Biden said. "It's motivated to make sure that I continue to push on what I've been pushing on, and that is making sure there's enough oil that's being pumped by the companies so that we have the ability to be able to produce enough gas that we need here at home, oil we need here at home and at the same time keep moving in a direction of providing for alternative energy."
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President Biden speaks about energy and the Strategic Petroleum Reserve during an event in the Roosevelt Room of the White House, Wednesday, Oct. 19, 2022, in Washington. (AP Photo/Evan Vucci / AP Newsroom)
FILE - A contractor works on a crude oil pipeline infrastructure at the U.S. Department of Energy's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas, June 9, 2016. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
Biden's announcement that he's releasing an additional 15 million barrels Wednesday follows closely on the heels of an OPEC+ decision to cut daily production by 2 million barrels per day.
The White House was highly critical of the OPEC+ move, saying it will hurt U.S. consumers and help Russia, a major oil producer, in its war against Ukraine.
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Gas prices over $7.00 a gallon are displayed at a Chevron gas station on Oct. 3, 2022, in Mill Valley, California. (Justin Sullivan/Getty Images / Getty Images)
"We're going to use all the tools we have in the tool belt, and the SPR remains a very, very important tool. Not the only tool we have, but it's an important tool," a senior administration official said Tuesday. "If we need to authorize additional sales, significant additional sales… we'll be prepared to do so."