Biden looks to increase oil supplies ahead of midterm voting
WASHINGTON (AP) — 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.
Multiple White House officials say that the U.S. strategic reserve contains roughly 400 million barrels of oil, and Biden could order an additional release as early as Wednesday, when chief of staff Ron Klain said he is set to deliver remarks on his administration's efforts to lower gas prices. Still, reserves are at their lowest levels since 1984 after Biden in March announced the release of 180 million barrels over six months. The officials spoke on the condition of anonymity because they were not authorized to discuss plans publicly ahead of a White House announcement.
Bloomberg News reported Monday that the administration is moving toward an additional release of 10 million to 15 million barrels. That range would not cover even one full day's use of oil in the U.S., according to the Energy Information Administration.
Biden has pledged to speak about his plans to reduce gasoline prices this week.
Jared Bernstein, a member of the White House Council of Economic Advisers, said that a past release of oil from the U.S. strategic reserve contributed to a decline in prices at the pump this summer. That decline ended last month as prices began to rise again, though they've eased...
