Source: Alex Nitzberg
As Americans suffer under the heavy financial burden of sky high gas prices, reports indicate that the Biden administration may announce a plan to release one million barrels of oil per day from the country’s Strategic Petroleum Reserve.
The Associated Press reported that Biden is preparing to call for dispensing up to one million barrels daily, according to two individuals familiar with the decision. The outlet said the length of the release had not been settled, but that it could continue for months.
Bloomberg reported that according to individuals familiar with the issue, the administration is considering a plan to unleash around a million barrels each day for multiple months. The full amount dispensed might be as much as 180 million barrels the individuals said, according to the outlet.
An announcement could occur on Thursday.
Reuters reported that according to the White House, Biden is slated to speak about “his administration’s actions to reduce the impact of Putin’s price hike on energy prices and lower gas prices at the pump for American families.”
Americans have been feeling acute pain at the pump — as of Wednesday, the AAA national average price for a gallon of regular gas is $4.236.
High fuel costs not only hurt drivers directly when they go to fill up their tank, they also increase the cost of transporting goods, which can in turn drive up the costs of various goods and broadly inflict financial pain on consumers.
An NBC News poll of registered voters found that 69% would be more likely to vote for a candidate who supports increasing domestic oil and natural gas production in order to tamp down on gas and energy prices.
If high fuel prices persist, the issue will likely pose a political problem for Democrats heading into the midterm elections.