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US President Joe Biden announced Wednesday the release of 15 million barrels of oil from the strategic reserve to ensure stability in fuel prices.

During his speech on measures to improve energy security and reduce costs in the United States, Biden called on oil companies to reduce fuel prices in line with falling oil prices in global markets.

He said from the White House: “The price of oil dropped last week in the global market, but we haven’t seen a reflection of that in gas stations.”

Tune in as I provide comments on additional actions to reduce costs and strengthen energy security. https://t.co/mpd1G1vCGT

– President Biden (@POTUS) October 19, 2022

He also stated that the United States “must rationally increase American oil production”.

Furthermore, the president of the United States has asked Congress to speed up the approval of anything that increases the production of clean energy of all kinds.

After seeing gas prices rise in recent weeks, they are falling again. This is progress.

But they are not falling fast enough and families are suffering.

I am directing my administration to take more actions to reduce costs, strengthen energy security and address supply problems.

– President Biden (@POTUS) October 19, 2022

This amount, which will be placed on the market in December, will represent the last remaining part of a program announced by Biden in the spring to counter the surge in black gold prices due to the Russian invasion of Ukraine.

At the time, this program involved the withdrawal of a total of 180 million barrels of oil from the strategic reserve.

Second: We must responsibly increase American oil production without delaying our clean energy transition.

We will repurchase crude oil for the Strategic Petroleum Reserve when prices drop, encouraging companies to invest in production which will lower gas prices in the future.

– President Biden (@POTUS) October 19, 2022

News reported by US media on Tuesday about this decision was enough to drive oil prices down, as the price of West Texas Intermediate oil – for delivery in November – fell 3.08% to $ 82.82. per barrel.

Since the beginning of September 2021, the United States has withdrawn more than 212 million barrels from the strategic reserve, which has reached its lowest level since June 1984.

A senior US official told reporters that “the president has instructed the Department of Energy to prepare to sell more (SPR oil) this winter if necessary due to Russia or other activities that could disrupt the market.” according to Agence France -Press.

Third: it is time for energy companies to pass their lower costs on to consumers.

Refiners are doing double what they normally do. And the retailer’s margins are over 40% above average.

It’s keeping pump prices higher than they should be, and that’s wrong.

– President Biden (@POTUS) October 19, 2022

U.S. gasoline prices have fallen 22% since mid-June, when they peaked, but are still 16% higher than the same period last year.

As for diesel, its price has decreased slightly since June, due to the small stocks of this commodity sold today, by more than 50% compared to last year’s price.