The Biden administration in December will sell another tranche of oil from the national reserve to put a damper on gasoline prices, then plans to replenish the supply when prices drop to about $70 per barrel, senior administration officials said Tuesday.
On Wednesday, the Energy Department will announce a sale in December of 15 million barrels from the Strategic Petroleum Reserve, a network of storage sites in Texas and Louisiana that contains more than 400 million barrels of oil, officials said.
That sale is part of a plan announced in March to sell 180 million barrels from the reserve in response to oil price spikes triggered by the Russian invasion of Ukraine.
