![]() ![]() The Energy Department still has about 14 million barrels of SPR oil left to sell from that release because selling was slowed in July and August by holidays and hot weather. The administration's plan for the SPR would likely include marketing the remaining 14 million barrels from the administration's previously announced record sale from the reserve of 180 million barrels that started in May. 8 midterm elections, in which they are seeking to keep control of Congress. Rising retail gasoline prices have helped boost inflation to the highest in decades, posing a risk to Biden and his fellow Democrats ahead of the Nov. His administration has also said it is studying more drastic options to lower consumer prices, such as limiting fuel exports, something sources said he is likely to repeat in his Wednesday speech. The White House and Department of Energy did not respond to requests for comment.īiden has in the past lambasted the oil industry for high energy prices, saying they are reaping bumper profits at a time when Americans are struggling with inflation. White House chief of staff Ron Klain said on Twitter on Tuesday that Biden would address gasoline prices on Wednesday, but did not provide details. The administration is also expected to release further details on timing for refilling the stockpile, reflecting its desire to combat rising pump prices while also supporting domestic drillers with future demand for their oil, they said.Įlements of the plan could be unveiled as early as Wednesday when President Joe Biden will make a public statement about energy prices. Strategic Petroleum Reserve in a bid to dampen fuel prices before next month's congressional elections, according to three sources familiar with the matter. WASHINGTON (Reuters)-The Biden administration plans to sell more oil from the U.S. ![]() By Jarrett Renshaw, Timothy Gardner, and Laura Sanicola ![]()
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