Biden to release more oil from US reserves, report

Business

(NewsNation) — Midterm elections are just weeks away and high gas prices have concerned voters. And while prices have dipped slightly, President Joe Biden doesn’t want to see them go back up.

However, with OPEC+ recently cutting production by two million barrels a day which could drive prices up, the president is reportedly planning to take action.

The Biden administration is expected to move forward with a plan to release at least 10 to 15 million barrels of oil from the nation’s emergency strategic reserve, which would stabilize the market and keep gas prices from going up, according to a report from Bloomberg Business.

It’s the same thing the White House did earlier this year at the beginning of the summer when the national average for a gallon of gas was more than $5. The move helped lead to lower gas prices.

At the same time, the Bloomberg report also said the White House and Energy Department are expected to announce their plans to replenish the emergency stockpile that they’re now drawing from.

But the administration’s plan to release more barrels has its critics with some experts saying the reserve should be used for emergencies only, not to lower prices or some type of political strategy to win over voters.

In May, when the Biden administration started pulling from the emergency reserves, with a plan to release 180 million oil barrels from the strategic reserve. This sale of 15 million oil barrels will complete this plan, according to the White House.

The nationa’s reserve will remain the largest strategic reserve in the world with about 400 million barrels remaining, the White House said in the fact sheet.

According to GasBuddy, the nation’s current average for a gallon of gas is around $3.86. But on the West Coast in California, the cost per gallon is more than $6.

This story is developing. Refresh for updates.

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