Biden just took a big swing at lowering gas prices ahead of the midterm elections

• 14 million more barrels of oil will be released by the president, according to reports.

• Gas prices could go down because of the last oil from the reserve.

• Lower prices may bolster Democrats' chances of winning the election.

As Americans feel the pinch of higher gas prices, President Joe Biden is once again stepping in to try and bring down the price at the pump.

14 million more barrels of oil are expected to be released by Biden, according to the report. Due to reduced oil production in the US and Russia's invasion of Ukraine, gas prices have skyrocketed. The reported move from Biden comes after gas prices began creeping up again at the end of September, another strain on Americans' pocketbooks as inflation rose to 8.2% and core inflation, which excludes volatile food and energy prices, reached a 40- year high.

The administration was not considering new releases from the SPR according to the press secretary. More seems to be on the way.

The Department of Treasury estimated that putting 125 million barrels from the reserve on the market would bring down the price of gas by up to $0.42 per gallon. The administration promised to release 180 million barrels from the reserves between May and October. More could be on the way in the next fiscal year.

The oil market has been rattled by the potential move. The average gas price is still 20 cents a gallon higher than it was a month ago, but it has fallen five cents since last week to $3.870 The Energy Information Administration saw a decrease in prices from last week, but prices went up for those filling up on the East Coast.

It's an astute political move to release millions of barrels of oil. According to polling from the New York Times/Siena College, voters are increasingly concerned about the state of the economy, and that could spell bad news for the Democrats. According to the Times, those who are most concerned about the economy are Republicans.

It's not certain if Democrats can hold onto their majority in the upcoming elections. The senator from Vermont said that Democrats should focus on the economy in the run up to the elections. The Republicans plan on preserving Trump's tax cuts for the rich if they win the House.

If gas prices can be brought down, it could swing things towards Democrats.

Business Insider has an article on it.