Biden pointed to the actions as helping strengthen energy security, address supply issues and lower gas prices.
The strategic reserve has been pushed to its lowest level since 1984, and currently sits at approximately 400 million barrels of oil.
However, the President mentioned a plan to restock the strategic oil reserve when oil prices are at or lower than $67 to $72 a barrel.
“Oil companies can invest to ramp up production now with confidence that they will be able to sell their oil to us at that price in the future,” Biden said.
Spectrum News discussed the Biden administration's plan with Jonathan Ernest, Ph.D., assistant professor of economics in the Weatherhead School of Management at Case Western Reserve University.
"So tapping into this strategic reserve essentially just means that the country has strategically stockpiled an amount of oil and we're releasing some of that out into the market," Ernest said. He said the move is aimed at keeping gasoline prices “a bit lower,” and helping manage supply chain disruptions.