Report: In Bid to Lower Gas Prices Before Midterms, Biden Admin Plans To Sap Emergency Oil Reserves

Written by on October 18, 2022

By Jarrett Renshaw, Timothy Gardner, and Laura Sanicola

WASHINGTON (Reuters)—The Biden administration plans to sell more oil from the U.S. Strategic Petroleum Reserve in a bid to dampen fuel prices before next month's congressional elections, according to three sources familiar with the matter.

The administration is also expected to release further details on timing for refilling the stockpile, reflecting its desire to combat rising pump prices while also supporting domestic drillers with future demand for their oil, they said.

Elements of the plan could be unveiled as early as Wednesday . . .

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