Biden Reportedly Set To Release Oil From Emergency Reserve

Biden Reportedly Set To Release Oil From Emergency Reserve

To lower petrol costs before the midterm elections, the Biden administration is allegedly planning to announce the release of oil from the Strategic Petroleum Reserve on Wednesday. Members of President Joe Biden’s administration have confirmed that the Vice President will speak about the choice on Wednesday.

“At this point, I have nothing to announce. The White House press secretary, Karine Jean-Pierre, told reporters on Tuesday that we would be making an announcement the following day. According to Reuters, the sale would comprise 14 million barrels from a 180 million barrel release that was first described in March.

According to a source familiar with White House discussions, “the administration has a tiny window before the midterms to try to cut fuel prices, or at least indicate that they are trying.” “The White House hinted that it will take action to prevent that from happening again. It did not enjoy $4 per gallon gas.”

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The declaration would follow a sharp increase in oil prices brought on by OPEC and its member nations’ resolve to reduce output. A reaction to the choice was promised by the Biden administration.