President Biden is expected to authorize the release of more oil from the Strategic Petroleum Reserve in an effort to bring down gas prices, senior administration officials announced Tuesday.
Driving the news: 15 million barrels will be released in December as part of the 180 million barrels the administration had announced earlier this year, according to the officials.
- Biden will also announce that the administration intends to repurchase crude oil for the SPR when prices are at or below about $67-$72 per barrel, adding to global demand when prices are around that range.
What we're watching: The administration is calling on the Department of Energy to be ready to move forward with additional significant SPR sales this winter if needed due to Russian or other actions disrupting global markets.
The big picture: The move is the latest of several attempts by the Biden administration to try and tame gas prices via the SPR.
Editor's note: This is a breaking news story. Please check back for updates.
