Biden releases 180 million barrels from strategic petroleum reserve largest release in history

President Biden announces the largest-ever release from the US Strategic Petroleum Reserve. The release totals 180 million barrels over six months, alongside a coordinated release from allied nations through the International Energy Agency. Gas prices had peaked at over $5/gallon nationally in June 2022. The SPR releases, combined with slowing global demand and an eventual OPEC production increase, help drive gas prices down from their June peak. Critics argue Biden is drawing down emergency reserves for political reasons ahead of midterm elections. Biden defends the release as a necessary response to Russia's invasion driving global energy market disruption. Gas prices fall to around $3.25/gallon by November 2022, contributing to Democrats' better-than-expected midterm performance.