Joe Biden is reportedly set to drain 14 million barrels from the rapidly depleting U.S. Strategic Petroleum Reserve in order to prevent gas prices from skyrocketing even further ahead of the November midterm elections, according to multiple media reports.
Reuters reported that the announcement of the drawdown from the strategic reserve is expected to occur this week, marking the last release from the administration’s plan of tapping 180 million barrels, shrinking it to levels unseen in four decades.
“The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying,” one source said, according to Reuters.
“The White House did not like $4 a gallon gas, and it has signaled that it will take action to prevent that again,” the source added.
President Biden is likely to announce in the coming days an additional release of roughly 14 million barrels of oil from the Strategic Petroleum Reserve. https://t.co/3s116oPWmH
— KOMU 8 News (@KOMUnews) October 18, 2022
Contrary to the source’s claims that the White House doesn’t view $4.00 gas as a cause for celebration, White House Press Secretary Karine Jean-Pierre appeared to say the opposite earlier today.
During a press conference on Tuesday, Jean-Pierre claimed that Americans collectively “save $420 million” everyday at the gas station, where prices are nearly $4.00 per gallon.
“Gas prices have fallen by $1.15 from their peak, uh, which was not too long ago. The 98 consecutive day decline this summer was the fastest in over a decade,” Jean-Pierre said of the administration’s apparent accomplishment.
KJP: "Every month, the typical 2-driver family saves about $120 at the pump compared to where we were in mid-June. Everyday Americans save about $420 Million at the pump." pic.twitter.com/XFcKzxyPYv
— Breaking911 (@Breaking911) October 18, 2022
“Every month, the typical 2-driver family saves about $120 at the pump compared to where we were in mid-June. Everyday Americans save about $420 Million at the pump,” Jean-Pierre said.
The administration is eyeing a number of questionable moves in order to curb increasing gas prices in the wake of OPEC’s decision to cut oil production by 2 million barrels per day, ranging from lifting sanctions on the socialist Venezuela government to allow Chevron to continue pumping oil, to banning all exports of U.S. gas, diesel, and other refined petroleum products.
Despite this, a looming global recession has spurred concern among top economic authorities, including as World Bank President David Malpass and International Monetary Fund Managing Director Kirstalina Georgieva, who have both warned of impending international turmoil as the inflation and energy crises continue to worsen.