“With my announcement, we are going to continue stabilizing oil markets and lowering prices”, said the President from the White House, in an exercise analysts consider strategic to gain advantage in relation to the midterm elections.

Biden also remarked that he is ready to make other decisions in case he deems it necessary in the future.

“I have told my team to be prepared to look beyond, to look for more launches in the coming months if necessary,” he said.

Prior to Biden´s remarks, Senior Energy Security Advisor Amos Hochstein revealed to CNN that the U.S. government is calling for oil and gas industry to increase production.

Hochstein noted, however, that this is only likely to pop if price per oil barrel for West Texas Intermediate, the U.S. oil benchmark, stabilizes above $70.

Biden’s announcement completes the release authorized by him past March of 180 million oil barrels, a purpose that took a little longer than the six months originally foreseen.

Specialized sources warned that Biden´s decision places the strategic reserve, with approximately 400 million barrels of oil, at its lowest level since 1984.

Meanwhile, analysts recalled that U.S. oil output has not yet returned to its pre-pandemic level, as it exceeded 12 million barrels per day.

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