A further 15 million barrels of oil will be released from the U.S. strategic reserve, according to reports.
During an event hosted by the Democratic National Committee at the Howard Theatre in Washington, D.C., President Joe Biden spoke about the importance ofelecting Democrats who want to restore abortion.
The final part of the 180 million barrels the administration promised to release in March is expected to be announced by Biden.
The six-month time frame for the originally approved release is set to lapse this month, so the release will be immediate.
The president may allow the release of additional barrels from the strategic reserve if gas prices go up again.
The latest release from the White House is thought to be part of a larger effort to keep gas prices low.
The international benchmark crude futures stood at $90.84 per barrel, up from $85 at the end of last month.
The U.S. strategic oil reserve will fall below 400 million barrels for the first time in almost 30 years. Plans to replenish the reserve will be announced by Biden when oil prices fall.
$3.954. The average price of a gallon of gas in the US is that of the national average. This week's average is a tad lower than last week's, but still higher than last month's price. The price of gas in the US has fallen for more than a week.
The reduction in global oil production by 2 million barrels a day was announced by the Organization of the Petroleum Exporting countries. Saudi Arabia will face consequences for siding with Russia, even as Biden tries to deal with economic and electoral challenges at home. The Democrats want a complete halt in the sale of weapons to Saudi Arabia. Washington is Riyadh's biggest security partner. The Saudi decision was seen as a slight towards Biden, who had made a visit to Jeddah in July to meet with Saudi Arabia's crown prince. The spike in oil prices is likely to hurt consumers in the West and undermine their efforts to punish Russia for invading Ukraine.
The vice president wants to release 15 million barrels from the oil reserve.
Gas prices will fall for seven days as the White House considers selling emergency reserves.
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