The Biden administration is reportedly set to announce a release of oil from the Strategic Petroleum Reserve on Wednesday in an try and bring fuel prices down ahead of midterm elections.
President Joe Biden will give remarks on Wednesday in regards to the decision, in response to members of his administration.
“I don’t have anything to announce presently. … We’re going to make an announcement tomorrow, so I’ll let the president speak for himself,” White House press secretary Karine Jean-Pierre told reporters on Tuesday.
The sale would come with 14 million barrels which are an element of a 180-million-barrel release first outlined in March, in response to Reuters.
“The administration has a small window ahead of midterms to attempt to lower fuel prices, or a minimum of reveal that they try,” a source accustomed to the White House deliberations told Reuters. “The White House didn’t like $4 a gallon gas and it has signaled that it would take motion to forestall that again.”
The announcement would come after oil prices shot up following a call from the oil-producing cartel OPEC and its allied countries to chop production. The Biden administration promised a response to the choice.
