The Biden administration plans to release 15 million barrels from US emergency reserves and may consider freeing up significantly larger additional supplies this winter as it tries to ease high gasoline prices that have become a liability for Democrats in next month’s midterm elections.
President Joe Biden will announce the plan Wednesday, senior administration officials told reporters on condition of anonymity to preview his remarks. It’s the final tranche of oil from a program the White House began in the spring to release a total of 180 million barrels of crude from the Strategic Petroleum Reserve to address high gas prices stemming from Russia’s invasion of Ukraine among other factors.
The president is also prepared to conduct additional, significant SPR sales this winter if conditions require it, according to a senior administration official. Biden will speak at 1:15 p.m. Washington time, the White House said.
