Joe Biden — a president who wants to move past fossil fuels — is rushing to increase oil supplies ahead of next month’s midterm elections.
Administration officials have teased that additional oil can be released from the U.S. strategic reserve as part of a response to recent production cuts announced by nations in OPEC+. The prospective loss of 2 million barrels a day — 2% of global supply — has had the White House saying that Saudi Arabia sided with Russian President Vladimir Putin and pledging that there will be consequences for supply cuts that could prop up energy prices.
Multiple White House officials say that the U.S. strategic reserve contains roughly 400 million barrels of oil, and Biden could order an additional release as early as Wednesday, when chief of staff Ron Klain said he is set to deliver remarks on his administration’s efforts to lower gas prices. Still, reserves are at their lowest levels since 1984 after Biden in March announced the release of 180 million barrels over six months. The officials spoke on the condition of anonymity because they were not authorized to discuss plans publicly ahead of a White House announcement.
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