The Biden administration will announce the sale of 14 million crude oil barrels from the Strategic Petroleum Reserve (SPR) this week, set to lower gas prices before the November midterm elections, according to Reuters.
The administration will direct the Energy Department (DOE) to auction the remaining 14 million barrels after President Joe Biden authorized the sale of 180 million barrels of oil in March to bring down gas prices, Reuters reported Tuesday, citing sources familiar with the situation.
The White House is desperate to lower the price of gasoline due to concern that high prices could weaken the Democrats’ chances of winning key congressional and gubernatorial races on Nov. 8.
Biden has continuously blamed Russia for making gas prices “too high” and previously stated that he wasn’t finished with bringing down prices at the pump.
In the news: Two Congressmen, Including A Democrat, Seek To Restrict Biden’s Sell-Off Of America’s Oil Reserve
The White House also threatened Saudi Arabia to not cut oil production before the midterm elections; however, Saudi Arabia and the Organization of Petroleum Exporting Countries (OPEC+) slashed production by two million barrels per day on Oct. 5.
The national average gas price is $3.87 per gallon, 55 cents higher than it was in October 2021, according to AAA data.
The DOE will sell 26 million more barrels of crude to oil companies throughout fiscal year 2023, which began on Oct. 1, according to Reuters. The department will release its plans to buy back oil to refill the emergency stockpile, currently at its lowest level since 1984, and may continue repurchasing oil throughout 2025.
The White House and DOE did not immediately respond to requests for comment.
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