Gas price gamble: Biden administration has controversial new plan to lower gas prices before the midterms. Will it work? Now on ABC7
The Biden administration is planning to announce additional sales from the nation's emergency oil stockpile as it seeks to counter market pressures created by thetargets just three weeks from the midterm elections, according to two sources familiar with the decision.
President Joe Biden is likely to announce in the coming days an additional release of roughly 14 million barrels of oil from the Strategic Petroleum Reserve as the U.S. seeks to dampen gas prices and balance the market, marking the completion of the historic release program triggered in the Spring in response to Russia's invasion of Ukraine.
Officials have weighed a series of options over the last several weeks, and the sources cautioned that the additional release and any other potential actions are not final until they are announced by Biden. The White House has also been working toward finalizing a proposal that would detail its plans to refill the emergency oil reserve, which currently sits at its lowest level in roughly four decades.
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