President Joe Biden will announce an additional release of crude oil from the Strategic Petroleum Reserve on Wednesday in the range of 10 million to 15 million barrels, sources familiar with the plan told CNBC.
Separately, Biden admin still weighing limits on exports of fuel to keep more gasoline and diesel inside US, sources say. Although no timeline has been set yet for a decision on that potentially more dramatic step, it likely won’t happen before midterms.https://t.co/sYbE3dFdFI
— Jennifer Jacobs (@JenniferJJacobs) October 18, 2022
The move aims to extend the current SPR delivery program, which began this spring, through December, the sources said.
President Biden is expected to announce the release of more oil from the Strategic Petroleum Reserve.
Just a few weeks out from the November midterms, the White House is going to “great lengths,” according to CBS News’ @edokeefe, to show it is focused on driving prices down. pic.twitter.com/Qf3uQIZ4EV
— CBS News (@CBSNews) October 18, 2022
The European Union embargo on Russian oil is scheduled to go into effect on Dec. 5, and the White House release is intended to offset some of the expected volatility in the oil market stemming from the implementation of the EU embargo.
So far this year, the White House has released about 165 million barrels of crude from the SPR, out of a total that it said would be around 180 million.
Prepare now! Stock up on Iodine tablets for the next nuclear disaster…
The announcement of an additional 10 million to 15 million barrels on Wednesday would represent the culmination of the current release.
The White House and Energy Department did not respond to requests to comment.
This is impeachable. Using emergency reserves for what is a blatant political ploy before an election. https://t.co/6FnwSLJIKI
— Bonchie (@bonchieredstate) October 18, 2022
I couldn’t agree more. And when Republicans win in November they ought to go after Biden for this. But you and I both know that won’t happen. [CNBC]