By The FirstJoe needs more oil —about 15 million barrels worth.
According to a report from The Daily Wire, President Biden will once again tap the Strategic Petroleum Reserve in an effort to manipulate gas prices so Americans don’t feel the pain at the pump so close to the midterm elections.
“Global crude oil supply flows remain a challenge, due in large part to the ongoing instability caused by Russia’s actions in Ukraine,” the White House said in a statement. “The President is prepared to authorize significant additional sales in coming months if conditions require.”
From The Daily Wire:
The national average price for gasoline is currently $3.85 per gallon, according to data from AAA, marking a nearly 62% increase since Biden assumed office at the beginning of last year. In response to the rising prices, Biden announced in March that his administration would release 180 million barrels from the Strategic Petroleum Reserve, a stock of emergency crude oil created to manage supply disruptions in energy markets. Transactions for the final 15 million barrels will clear by the end of December.
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“President Biden has said for months how he is committed to doing everything that he can in his power to address Putin’s price hike,” Jean-Pierre said. “He has said this on almost every speech that you’ve heard him talk about when it comes to gas prices and what the American people are seeing and feeling at the pump. And he’s been delivering on that.”
