Biden administration to release millions of more barrels from oil reserve: report
The Biden Administration is scrambling to find a solution to high gas prices ahead of the midterm elections
Biden: Gas prices going up because of Russian, Saudi OPEC+ decision, went down because of him
President Biden blamed OPEC+ for rising gas prices, while crediting himself for bringing prices down recently, at a Maryland event Friday.
The Biden administration is planning to release another 10 million to 15 million barrels of oil from the nation’s emergency stockpile in an effort to balance markets and prevent additional increases in gasoline prices.
The release of the Strategic Petroleum Reserve would be the latest portion of a 180-million-barrel program that started earlier this year, Bloomberg reported.
The administration is also expected to provide details this week regarding its plans to restock the emergency oil stockpile. The Energy Department announced in the spring it was planning a new method of buybacks to permit a "competitive, fixed-price" bid process that would potentially lock prices in prior to crude being delivered.
Temporary limits on exports of fuel so more gasoline and diesel will remain in the U.S. is also being considered by the administration. No timeline has been set for a decision on that step, but it will likely not happen before next month's midterm elections.
US GOVERNMENT SAYS ALL AMERICANS WILL PAY MUCH MORE FOR NATURAL GAS THIS WINTER
The Biden administration is planning to release another 10 million to 15 million barrels of oil from the nation’s emergency stockpile. (AP Photo/Patrick Semansky / AP Images)
According to data first compiled in 1982, the U.S. has the lowest seasonal inventories of diesel.
The suggestion to limit exports has led to disagreements within the administration. Biden energy adviser Amos Hochstein supports new export controls while Deputy Energy Secretary David Turk has outlined concerns.
NEW ENGLAND RISKS WINTER BLACKOUTS AS GAS SUPPLIES TIGHTEN
The release of the Strategic Petroleum Reserve would be the latest portion of a 180-million-barrel program that started earlier this year. (FREDERIC J. BROWN/AFP via Getty Images / Getty Images)
Energy Department and White House officials have been quietly meeting this week with Exxon Mobil Corp., ConocoPhillips and other oil companies to inform them of what they can expect and to urge them to encourage the production of gasoline and diesel, according to Bloomberg.
Oil industry representatives and third-party energy analysts have said limiting fuel exports could result in higher prices in some areas of the country, particularly in the Northeast, which relies on imports.
The Energy Department announced in the spring it was planning a new method of buybacks to permit a "competitive, fixed-price" bid process that would potentially lock prices in prior to crude being delivered. (CHRIS DELMAS/AFP / Getty Images)
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The White House has been attempting to curb rising gas prices and bolster low domestic stockpiles of fuel for the winter season while also responding to the OPEC+ coalition’s decision earlier this month to cut production.