<mediadc-video-embed data-state="{"cms.site.owner":{"_ref":"00000161-3486-d333-a9e9-76c6fbf30000","_type":"00000161-3461-dd66-ab67-fd6b93390000"},"cms.content.publishDate":1666099838700,"cms.content.publishUser":{"_ref":"0000017e-cb38-dcae-a3fe-ff7ddb630000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"cms.content.updateDate":1666099838700,"cms.content.updateUser":{"_ref":"0000017e-cb38-dcae-a3fe-ff7ddb630000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"rawHtml":"
var _bp = _bp||[]; _bp.push({ "div": "Brid_65002258", "obj": {"id":"27789","width":"16","height":"9","video":"1111685"} }); ","_id":"00000183-eb49-d791-abd3-ff5df8c40000","_type":"2f5a8339-a89a-3738-9cd2-3ddf0c8da574"}”>Video EmbedPresident Joe Biden is planning to release another 10 million to 15 million barrels of oil from the Strategic Petroleum Reserve, multiple news outlets reported, as the administration seeks to prevent another spike in gasoline prices ahead of the midterm elections.
The release would be the latest sale from the 180 million barrel drawdown first announced by Biden in March and would put on the market the remainder of that supply.
The Department of Energy is also expected to announce details on a buyback program to replenish the stockpile after the releases are over, Bloomberg reported.
Biden suggested last week that he would announce new actions to tackle rising gas prices, which are expected to climb higher after OPEC+ announced it will slash production by 2 million barrels per day.
“The price of gas is still too high, and we need to keep working to bring it down,” Biden said, speaking at an event in Los Angeles Thursday. “I’ll have more to say about that next week.”
THE LIMITS — AND POSSIBILITIES — BIDEN FACES IN ORDERING MORE SPR RELEASES
Administration officials have said they are considering additional sales from emergency crude oil reserves now that prices are rising again thanks to factors such as refining constraints and volatility tied to OPEC+’s recent production cut announcement.
The March release was the largest and fastest drawdown in the stockpile’s history. To date, the administration has released roughly 160 million barrels from the sale.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
A Treasury analysis published in July estimated that the Biden administration’s SPR sales, coupled with the 60 million barrels of crude also released by International Energy Agency members, reduced gas prices by roughly 38 cents per gallon.
Average gas prices in the United States stood at $3.87 Tuesday, according to AAA, up from the $3.67 national average last month, but down from the all-time high of more than $5 a gallon seen in June.
