Biden to lay out plan to complete emergency oil sales, support U.S. production

U.S. President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from the nation's emergency oil reserve by year's end, and detail a strategy to refill the stockpile when prices drop, a senior administration official said.

The plan is intended to add enough supply to prevent oil price spikes that could hurt consumers and businesses, while also assuring the nation's drillers the government will swoop into the market as a buyer if prices plunge too low.

Biden's efforts to use federal powers to balance the U.S. oil market underscores just how much the conflict in Ukraine and rampant inflation has reshaped a president who came into office vowing to undo the oil industry and move the country swiftly to a fossil-fuel free future.

It also shows the administration desire to keep inflation in check ahead of the mid-term election in November, in which Biden's fellow Democrats hope to retain control of Congress.