The 15 million barrels to be released in December are the latest tranche of the 180 million barrel release announced by Biden in March - the largest release ever from US national reserves. The US President was reacting to the skyrocketing energy prices as a result of the Russian war of aggression against Ukraine.

The announcement has already caused prices to fall in trading in West Texas Intermediate (WTI) crude oil. Biden has also instructed the Department of Energy to be ready to sell more oil from national reserves during the winter if necessary, the government official said. This can be used to react to disruptions in the world market caused by Russia or other actors.

In his speech, Biden will also ask the oil companies to pass on falling energy prices directly to consumers. Anything else is unacceptable, the government representative said.

With midterm congressional elections approaching on Nov. 8, Biden wants to avoid a hike in gas prices. US gasoline prices are down 22 percent from their June peak; however, it is 16 percent above the level of the same period in the previous year.

Since September 2021, the US has diverted more than 212 million barrels from its strategic oil reserves. Reserves are currently at their lowest level since 1984.