White House CONFIRMS Biden will release 15 MILLION barrels from Strategic Petroleum Reserve

President Joe Biden will announce on Wednesday that an additional 15 million barrels will be released from the Strategic Petroleum Reserve in a bid to ease gas prices ahead of the midterm elections.

Senior government officials confirmed the number during a conversation with reporters on Tuesday evening, following a… Bloomberg News report from earlier, saying the oil would be ready for delivery in December.

The president will make comments on Wednesday, where he will also point out that average gas prices have fallen by about $1.15 a gallon since their peak in June.

“President Biden is determined to do everything in his power to respond to Putin’s price hike at the pump, and he is delivering,” said a White House fact sheet.

It is unclear whether Biden will bring up Saudi Arabia after failing to convince OPEC+ to delay an oil production cut until after the November 8 midterm elections.

The government condemned the move and said it supports Russian President Vladimir Putin’s attack on Ukraine.

White House Chief of Staff Ron Klain said earlier Tuesday that Biden would clarify plans to cut gas prices on Wednesday.

White House press secretary Karine Jean-Pierre claimed Americans are saving $420 million because of lower gas prices

Earlier Tuesday, White House press secretary Karine Jean-Pierre said: that Americans save $420 million because of lower gas prices.

The average price of gas is $3.87 per gallon, about 20 cents higher than a month ago, according to AAA. Prices have fallen since this summer, when they were over $5 a gallon in some states in June.

“Everyday Americans are saving Americans up to $420 million compared to mid-June,” Jean-Pierre said at her Tuesday press conference.

During the afternoon briefing, Jean-Pierre declined to preview the president’s Wednesday speech, saying: “I’ll let the president speak for himself.”

David Turk, the president’s deputy energy secretary, said last week that the government could tap the Strategic Petroleum Reserve (SPR) in the coming weeks and months if necessary to stabilize oil.

News of the move to dampen gasoline prices comes just weeks before the pivotal midterm elections will test Biden’s approval.

A source familiar with the White House deliberations told Bloomberg that Biden wanted to cut gas prices for the interim terms.

“The government has a small window for the midterm elections to try to cut fuel prices, or at least show that they are trying,” the unnamed source said.

“The White House did not like $4 a gallon of gas and it has indicated it will take action to prevent that from happening again,” she added.

Polls show that voters are placing the economy and inflation at the top of their list of priorities.

In a New York Times/Siena College poll released on Monday, voters voted the economy first in their minds at 26%, inflation followed at 18%, then the state of democracy came in at 8%, while abortion and immigration got 5% each.

And President Biden consistently receives low marks for his handling of the economy, leading many Democrats to fear voters will vent their frustration at the high cost of food, energy and housing at the polls.

Biden will announce release of up to 15 million barrels of oil from strategic reserve

The New York Times/Siena College poll indicated that this could happen: 49% said they would vote for the Republican congressional candidate compared to the 45% who said they would vote for the Democrat.

Biden has pumped the Strategic Petroleum Reserve to its lowest level in 40 years as he tries to combat rising gas prices and crude oil shortages linked to Russia’s invasion of Ukraine.

Biden has released 160 million barrels of crude oil since March, pushing reserves to the lowest level in four decades.

The country’s Strategic Petroleum Reserve held 416.4 million barrels in the week ended Sept. 30 — the lowest level since 1984, according to Department of Energy data.

The president will announce on Wednesday that the government plans to buy back crude oil when prices are between $67 and $72 a barrel.