- President Biden is planning to release up to 15million barrels of oil from the United States’ emergency oil reserves as he tries to stem soaring gasoline prices
- The oil release would be the latest portion of a deal Biden struck last spring to release 180million barrels of oil from energy companies
- Sources close to the White House said Biden is hoping the release of oil reserves will be able to drop national prices just in time for the midterms
Joe Biden is planning to release up to 15million barrels of oil from the US’s emergency oil reserves as he tries to stem soaring gasoline prices.
The oil release would be the latest portion of a deal Biden struck last spring to release 180million barrels of oil from energy companies.
His administration is planning to announce the latest reserve release later this week, according to Bloomberg.
Biden said last week gasoline prices are too high and he would have more to say about lowering the costs this week.
David Turk, the president’s deputy energy secretary, also said last week the administration can tap the Strategic Petroleum Reserve (SPR) in coming weeks and months as necessary to stabilize oil.
News of the move to temper gasoline prices come just weeks before the pivotal midterm elections will put Biden’s approval to the test.
A source familiar with the White House deliberations said Biden was looking to ease gas prices before the midterms.
‘The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying,’ the unnamed source said.
‘The White House did not like $4 a gallon gas and it has signaled that it will take action to prevent that again,’ they added.
Average US gasoline prices hit about $3.89 a gallon on Monday, up about 20 cents from a month ago and 56 cents higher than last year at this time, according to the AAA motor group.
Gasoline prices hit a record average above $5.00 in June.
