In an effort to bring down gas costs before the November midterm elections, the Biden administration will this week announce the sale of 14 million barrels of crude oil from the strategic petroleum reserve.
To lower petrol costs, President Joe Biden approved the sale of 180 million barrels of oil in March. According to sources with knowledge of the matter, the administration will now order the Energy Department to put the remainder 14 million barrels up for auction.
The White House is anxious to cut gas prices because it is worried that they may make it more difficult for the Democrats to win important congressional and gubernatorial elections on November 8.
Biden has said that he wasn’t done driving down gas costs and has consistently blamed Russia for keeping prices at the pump “too high.”
Saudi Arabia and OPEC reduced oil output by 2 million barrels per day on October 5, despite threats from the White House to not do so before the midterm elections.
According to AAA, the national average petrol price is now $3.87 per gallon, an increase of 55 cents from October 2021.
Throughout the fiscal year 2023, which started on October 1, the DOE would sell 26 million additional barrels of crude to oil companies, according to Reuters. The agency will announce its plans to replenish the emergency stockpile, which is at its lowest level since 1984, and may do so again in 2025.
The Daily Caller News Foundation requested comment from the White House and DOE, but neither organization responded right away.
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