Biden raids US oil reserve after failing to bring Gulf allies on side

Biden raids US oil reserve after failing to bring Gulf allies on side

Joe Biden’s decision to unleash a torrent of crude from the emergency US reserve is a gamble that he can tame petrol prices in time for November’s midterm elections. But it is also an acknowledgment that American allies in the Persian Gulf are not about to help him out.

The president on Thursday ordered the release of an “unprecedented” 180mn barrels of crude from the US strategic petroleum reserve in an attempt to offset supply disruptions triggered by Russia’s invasion of Ukraine and push down fuel prices for American motorists.

“This is a moment of consequence and peril for the world and pain at the pump for American families,” Biden said as he announced the release. “The bottom line is, if we want lower gas prices, we need to have more oil supply right now.”

The announcement came just hours after Opec, the Saudi-led oil alliance, again ignored calls from western politicians including Biden and UK prime minister Boris Johnson to pump oil more quickly.

Oil prices settled lower yesterday after the SPR announcement, with international benchmark Brent down 5 per cent to $108 a barrel but still almost twice the level a year ago. National average petrol prices sat at $4.23, according to