BREAKING: Biden says Strategic Oil Reserves are 'half full,' promises release of additional 15 MILLION barrels

In a speech on Wednesday, President Biden announced additional measures to lower fuel prices including another release from the Strategic Petroleum Reserves, while continuing to blame Russian President Vladimir Putin for the price increase.

Biden announced that an additional 15 million barrels of oil will be released, "extending our previously announced release through the month of December."

"We’re going to continue to responsibly use that national asset," Biden said, noting independent analysts who have said the drawdown from the reserves has "played a big role in bringing down oil prices."

"Earlier this year because of Putin's invasion of Ukraine, the price of oil and gas increased dramatically. And I acted decisively at the time, and thanks in part to those actions. The price of our gas has fallen to 30 percent from the summer highs."

Biden stated that gas prices have fallen around $1.50 from their peak over the summer, and that "gas prices have fallen every day in the last week."

While gas prices are down from the over $5 peak seen in June, prices are up from one month ago, and still up from last year. According to the American Automobile Association, the national average for a gallon of gas is $3.85, down nearly 2 cents from last week, but up around 20 cents from September.

Noting earlier that the Strategic Petroleum Reserves are "more than half full with about 400 million barrels of oil," Biden also announced that the United States government would be seeking to refill these reserves in the future.

Biden said the move would come as a "profit for taxpayers," stating that the US would refill the reserves when the price per barrel drops to $70.

"Since March, the average price of oil has been more than $90 a barrel, the highest since 2014. By selling from the Strategic Petroleum Reserves at the higher price of $90 earlier this year, and then refilling it in the future at a lower price, around $70, will actually make money for the taxpayers, lower the price of gas, and help bolster production all while totally consistent with my commitment to accelerate the transition to clean energy."

According to Business Insider, the last time a barrel of oil was under $70 was in November of 2021.

Biden continued on to urge oil companies to "pass the savings on to consumers," stating that these companies are passing on money "to their shareholders, not to consumers."

"You should not be using your profits to buy back stock or for dividends. Not now. Now while a war is raging," Biden later added. "You should be using these record-breaking profits to increase production and refine, invest in America, for the American people."

In response to a reporter asking Biden to respond to Republicans saying the move to release more oil is politically motivated with the midterms under a month away, Biden said, "where have they been the last four months?"

"Look, it makes sense. I’ve been doing this for how long now? It’s not politically motivated at all," he continued. "It’s motivated to make sure that I continue to push on what I’ve been pushing on, and that is making sure there’s enough oil that’s been pumped by companies so that we have the ability to be able to produce enough gas that we need here at home, oil we need here at home."