Biden tries to tackle his gas price problem by announcing sale of 15 million barrels from Strategic Petroleum Reserve

President Joe Biden on Wednesday formally announced the sale of an additional 15 million barrels from the Strategic Petroleum Reserve in December as he looks to lower gas prices ahead of the crucial midterm elections.

“With my announcement today, we’re going to continue to stabilize markets and decrease the prices at a time when the actions of other countries have caused such volatility,” Biden said in a speech from the White House. “And I’ve told my team to be prepared to look further – look for further releases in the months ahead if needed.”

The President also revealed the administration’s plan to purchase oil to refill the emergency reserve, which is now at its lowest level in nearly 40 years, when prices fall to $70 a barrel.

“Refilling the reserve at $70 a barrel is a good price for companies. And it’s a good price for the taxpayers. And it’s critical to our national security,” Biden said.

The President also called on Congress to pass permitting reform to speed up the permitting process for sustainable energy projects.