The Biden administration is planning to announce additional sales from the nation's emergency oil stockpile as it seeks to counter market pressures created by the OPEC+ decision to cut oil production targets just three weeks from the midterm elections, according to two sources familiar with the decision.
President Joe Biden is likely to announce in the coming days an additional release of roughly 14 million barrels of oil from the Strategic Petroleum Reserve as the U.S. seeks to dampen gas prices and balance the market, marking the completion of the historic release program triggered in the Spring in response to Russia's invasion of Ukraine.
Read Article