President Biden is planning to release another 10 million to 15 million barrels of oil from the national stockpile to increase supply and ease gasoline prices.
The release, reported by Bloomberg, would be the latest installment of the administration’s plan to tap up to 180 million barrels from the National Strategic Petroleum Reserve.
Mr. Biden has characterized the move as a way to bridge consumers across a difficult period marked by Russian President Vladimir Putin’s invasion of Ukraine, which rattled petroleum markets.
Critics say Mr. Biden should be freeing up domestic production but instead is using a reserve meant for true emergencies to try to ease prices ahead of the midterm elections.
OPEC-member nations recently defied Mr. Biden’s pressure and agreed to a production cut to shore up prices.
The administration is expected this week to announce plans to restock the oil reserve and create a system of buybacks that ensures a steady price, according to Bloomberg.
The White House also is reportedly considering temporary limits on exports of fuel so more gas and diesel stay in the U.S., though a decision may not occur until after the midterms.
• Tom Howell Jr. can be reached at thowell@washingtontimes.com.
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