President Biden on Wednesday said he would release 10 million more barrels of oil from the U.S.’s Strategic Petroleum Reserve (SPR) in November in a move to counter raising gas prices again.
His decision was announced just hours after Organization of the Petroleum Exporting Countries (OPEC+) said it would be cut oil production by 2 million barrels a day.
The cuts will restore the oil market for top producers like Saudi Arabia and Russia but are also expected to drive up costs at the pump globally.
But Biden’s attempt to circumvent the spike in gases prices, expected to hit the market in time for the midterm elections, may not prove all that effective.
In March, Biden said he would release 1 million barrels of oil a day to counter record high gas prices amid a global economic recession, inflation and disruption to the market caused by the war in Ukraine.
The release of roughly 180 million barrels of oil from the U.S. petroleum reserves was expected to end Oct. 31.