Biden administration sells US Strategic Petroleum Reserve oil to lower gas prices

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According to multiple sources, the Biden administration is expected to sell 14 million barrels of oil from the US Strategic Petroleum Reserve to slash gas prices ahead of the upcoming midterm elections.

Biden’s announcement is expected sometime this week as part of the response to Russia’s war on Ukraine. according to a report by Reuters. The government has also reportedly been in talks with oil companies about selling an additional 26 million barrels from a congressional-ordered sale in fiscal 2023.

The expected move comes after OPEC+ rejected calls not to cut crude oil production.

Eyewitness Reporter: Experts Explain Why California Gas Prices Are So High

US gasoline prices, which rose to record highs of $5.02 a gallon in mid-June, fell recently, but they have risen again, posing political problems for President Biden a month before midterm elections.

Biden, facing inflation at near 40-year highs, had touted falling pump prices. Last week, the national median price of a gallon rose 9 cents to $3.87. That’s 65 cents more than Americans paid a year ago.

Copyright © 2022 KABC Television, LLC. All rights reserved. Biden administration sells US Strategic Petroleum Reserve oil to lower gas prices

Laura Coffey

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