President Biden is planning to release another 15 million barrels of oil from the Strategic Petroleum Reserve in an effort to drive down gas prices temporarily.
While the release will take place in December, the announcement seems to be a clear effort to persuade voters that the administration is doing something to give them an assist at the pump.
The Strategic Petroleum Reserve now stands at its lowest point in four decades.
The release is little more than the last of the 180 million barrels President Joe Biden authorized the Energy Depart to disburse in March.
Politico reports that White House officials felt the need to make an announcement because “it was not a given” that they would have completed the release of the remaining barrels if the oil market had stabilized. Read more…