Biden to sell 26 million barrels more from the Strategic Petroleum Reserve

The Biden administration on Monday announced another sale of oil from the Dept. of Energy's Strategic Petroleum Reserve (SPR), with 26 million barrels set to be delivered to the market from April 1st to June 30th which will take the number of barrels in the reserve to a new low dating back to 1983.

Unlike the largest-ever drawdown of the SPR that Biden announced in response to Russia's war in Ukraine, the latest release of 26 million barrels is in response to a requirement included in two laws enacted by Congress during the Obama administration under the Bipartisan Budget Act of 2015 and the Fixing America's Surface Transportation (FAST) Act. The announcement comes ahead of a potential uptick in gas prices as the U.S. nears the summer driving season.

"Biden is front-loading SPR barrels to avoid a summer gasoline price spike," said Phil Flynn, analyst Price Futures Group and FOX Business Network contributor. "There are growing concerns among the Biden administration that gas prices are headed back to $4.00 a gallon and the president is fearful of the political heat he will have to take."