EXPLAINER: What is the Strategic Petroleum Reserve?

DALLAS (AP) — President Joe Biden plans to release 15 million barrels of oil or more from the U.S. strategic reserves in an effort to stop gasoline prices from rising now that OPEC and its allies plan to cut production.

The administration hopes that tapping the Strategic Petroleum Reserve, a move that comes just weeks before the midterm elections, will bring relief to voters who have been struggling from high gasoline prices.

Global oil prices were rising even before Russia invaded Ukraine in February. When Biden announced a ban on Russian oil imports in early March, he acknowledged it would come at a cost to American consumers.

The drawdown being announced Wednesday would complete the release of 180 million barrels authorized by Biden in March that was initially supposed to occur over six months. That has sent the strategic reserve to its lowest level since 1984 in what the administration called a “bridge” until domestic production could be increased. The reserve now contains roughly 400 million barrels of oil.

Tapping the reserve is among the few things a president can do alone to try to control inflation, which makes Americans poorer and often creates a political liability for the party in control of the White House.

Here is a look at what’s involved:

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WHAT IS THE PETROLEUM RESERVE?

America’s Strategic Petroleum Reserve is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 million barrels of oil, although it is not currently full. The reserve held almost 409 million barrels earlier this month, down from more than 617 million barrels at the about the same point last year, according to the U.S. Energy Department.

The reserve was created after the 1970s Arab oil embargo to give the United States a supply that could be used...