The Biden administration is expected to sell 14 millions barrels of oil from the U.S. Strategic Petroleum Reserve in a bid to lower gas prices before the upcoming midterm elections, according to multiple sources.
Biden’s announcement is expected some time this week as part of the response to Russia’s war on Ukraine, according to a report from Reuters. The administration has also reportedly spoken with oil companies about selling an additional 26 million barrels from a congressionally mandated sale in fiscal year 2023.
The expected move comes after OPEC+ rejected calls to not cut crude oil production.
U.S. gasoline prices that soared to record highs of $5.02 a gallon in mid-June had been falling recently, but they have been on the rise again, posing political problems for President Biden a month before midterm elections.
Biden, facing inflation at near 40-year highs, had touted the falling pump prices. Over the past week, the national average price for a gallon rose 9 cents, to $3.87. That’s 65 cents more than Americans were paying a year ago.
Copyright © 2022 KABC Television, LLC. All rights reserved.