Biden disappointed by 'shortsighted' OPEC+ cut, more SPR releases possible

Quick Summary:

Rising oil and fuel prices are a risk to Biden's fellow Democrats as they seek to keep control of Congress in the Nov.8 midterm elections.

Earlier this year, the Biden administration announced the largest sale ever from the reserve: 180 million barrels for six months beginning in May.

It now holds about 416 million barrels of oil, well above what the United States is required by its membership in the International Energy Agency, at sites on the Texas and Louisiana coasts.

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Article Details

Category: InvestingFinance

Markets: MalaysiaUnited States

Topics: President White Production Barrels Control Energy Opec Biden House Congress Million

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-10-06 @ 07:31:00 (5 months ago)

News Timezone: GMT +8:00

News Source URL: theedgemarkets.com

Language: English

Article Length: 466 words

Reading Time: 3 minutes read

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Edge Markets

News ID: 755377

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Main Topics: InvestingFinance

Official Website: theedgemarkets.com

Update Frequency: 32 posts per day

Year Established: 1994

Headquarters: Malaysia

News Last Updated: 9 hours ago

Coverage Areas: Malaysia

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Publisher ID: #17

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