Biden Administration likely to sell more oil reserves

The Biden administration could sign off on more crude oil being released from the U.S. Strategic Petroleum Reserve (SPR), according to Reuters on Thursday.

After the current plan to sell oil from the emergency stockpile expires in October, the administration may continue to auction off oil barrels from the SPR after October to fend off the possibility of rising oil prices in late 2022.

This information from Biden’s Energy Secretary Jennifer Granholm, as the Department of Energy (DOE) official then said that the White House was not considering any SPR sales according to CNN.

Since they are worried that oil prices would climb globally once European Union bans on Russian oil imports take into force in December.

Biden scrambling

This would be a move that might exacerbate European fuel shortages, Biden’s aides are searching for methods to expand global petroleum supplies, Bloomberg reported.

According to a news release from July, the Department of Energy (DOE) is still carrying out Biden’s plan to release an average of 1 million barrels of oil per day for six months.

“They are timing emergency oil releases to the price of gas ahead of the midterms,” Institute For Energy Research Senior Vice President Dan Kish told the Daily Caller News Foundation.

“Biden is deliberately selling off our emergency supplies and is doing nothing to replace them,” Kish went on.

White House responds

Last Thursday White House Press Secretary Karine Jean-Pierre boasted about the administration’s efforts to lower gas prices during a press conference.

While the White House is answering all questions with the slight dip in gas prices going into the midterm elections, the overall fuel shortage is having a big impact on voters’ pocketbooks going into the midterm elections.

“They say he (Biden) is trying to lower gas prices but he has done everything he can to halt domestic energy production,” Kish added.

“They are playing with fire because there will be no additional supplies to make up for the SPR losses.”