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US to announce release of 15M barrels of oil from strategic reserve

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US will release 15M barrels of oil

The U.S. will release 15 million barrels of oil from its strategic reserve, Biden administration officials plan to announce Wednesday.

The 15 million barrels are the final tranche of a disbursement of 180 million announced in March and come as energy prices threaten to rise again less than a month before Election Day.

Rising prices have emerged as a drag on Democrats as polls show the economy is one of the issues most top of mind for voters as they head to the ballot box. Early voting began in some states this week.

The sale comes after OPEC+ announced a production cut of 2 million barrels of oil per day earlier in October. Oil prices had dipped as low as $75 per barrel in September before rebounding after the OPEC announcement to more than $90. West Texas Intermediate crude is now at $83 per barrel.

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