Biden Announces Withdrawal from Strategic Oil Reserve

U.S. President Joe Biden announced the withdrawal of 15 million barrels of oil from the United States' reserves in December, urging American companies to increase production. Biden detailed a strategy for refilling the reserve when prices drop. His plan aims to add enough supplies to prevent oil prices from rising. The president stated from the White House that the U.S. "needs to logically increase American oil production," emphasizing that the U.S. will continue to use its strategic reserve to ensure the stability of crude prices. He added, "There is no political motive behind the actions I am taking; I am fulfilling the promises I made, and we are working towards a transition to renewable energy."