President Biden has confirmed the further release of 15 million barrels of oil from the Strategic Petroleum Reserve, weeks after the OPEC+ bloc of nations announced it would cut production. The president has repeatedly touted decreases in gas prices from the summer peak, but said prices are “not falling fast enough,” adding that the previously announced drawdown would continue into December and that it would continue in the months ahead “if needed.” This allows us to move quickly to prevent oil price spikes and respond to international events,” the president said. White House officials confirmed the release Tuesday evening, although it was part of previously scheduled releases. Biden also called for “responsibly increas[ing] American oil production without delaying or deferring our transition to clean energy.” He noted that domestic oil production is around 12 million barrels per day and that the U.S. continues to export more petroleum products than it imports.
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