The Biden administration is ready to tap into the nation's strategic oil reserves to prevent a surge in gasoline prices, a particularly pressing issue ahead of the presidential election.
According to the Financial Times, the White House plans to release oil from the Strategic Petroleum Reserve in an effort to curb rising gasoline prices during the summer months. The publication reports that the US government "is ready to release more oil from its strategic stockpile to halt any jump in petrol prices this summer," as the White House struggles to rein in inflation ahead of the November election.
According to Amos Hochstein, the president's senior energy advisor, gasoline prices remain too high for many Americans. "We will do everything we can to make sure that the market is supplied well enough to ensure as low price as possible for American consumers," he said, adding that the country has sufficient supply of oil in the Strategic Petroleum Reserve.
Earlier, the presidential advisor outlined the administration’s plans for the coming year. Hochstein noted that the country would "continue to purchase into next year until we think that the Strategic Petroleum Reserve (SPR) has the volume that it needs again to serve its original purpose of energy security."
Recall that the US presidential election is scheduled for November 5, 2024. The main contenders in the race remain President Joe Biden and former President Donald Trump. Both candidates have a significant number of supporters based on preliminary voting results, with many of their rivals dropping out of the race.