Joe Biden — a president who wants to move past fossil fuels — is rushing to increase oil supplies ahead of next month's midterm elections.
Administration officials have teased that additional oil can be released from the U.S. strategic reserve as part of a response to recent production cuts announced by nations in OPEC+. The prospective loss of 2 million barrels a day — 2% of global supply — has had the White House saying that Saudi Arabia sided with Russian President Vladimir Putin and pledging that there will be consequences for supply cuts that could prop up energy prices.
