Biden to release 15m more barrels from US oil reserves ahead of midterm elections

US President Joe Biden is set to announce the release of 15 million barrels of strategic oil reserves in a bid to counter soaring energy prices ahead of midterm elections, with more releases possible if energy prices spike, a senior US official said.

The new release will be "completing the 180 million barrel release authorized in the spring," in response to price hikes linked to Russia's war on Ukraine, the US official added.

Biden's resort to making the biggest ever dip into the US’s emergency oil reserves was to calm energy markets and shield the world’s biggest economy from Ukraine war shocks. The reserves are usually kept for responding to situations such as hurricane-related shutdowns at oil refineries.

The Biden administration is grappling with serious concerns in the US, with gasoline prices at one point averaging more than $5 a gallon, causing nationwide outrage.

Rising inflation in the US also remains the biggest factor driving Republican hopes of defeating the Democrats in November's midterm legislative elections.

Major energy exporter Russia was slapped with US and European sanctions after the Ukraine war broke out in February, causing turmoil on markets.

Certain Western countries, chief among them the Unites States, have supplied Ukraine with deadly weapons in its war with its neighbor, with the Kremlin threatening to use its leverage over energy supplies if the Western arms supply continues.

The senior official, who spoke on condition of anonymity, said at the same time as announcing the drawdown for delivery in December -- and flagging the possibility of more to come -- Biden is highlighting a plan to refill the reserve as soon as prices hit around $67-72 a barrel.

However, with "additional volatility" expected from Russia and production levels still not back to pre-COVID pandemic levels, stability is "not quite there yet."

Another US official was also asked whether the country could take the more radical measure of curbing fuel exports -- something that would help tamp down domestic prices but hurt foreign buyers, including in allied countries.

"We're keeping all tools on the table," the official, who also spoke on condition of anonymity, said.

White House: Saudis pushed OPEC+ nations into crude oil production cut

The White House asserts that Saudi Arabia pushed member states of OPEC and its allies, known as OPEC+, to cut oil production when the cartel met on October 5.

With the midterm elections just three weeks away, Republicans are seeking to paint Biden as a manipulator of the oil reserves in order to win support for his Democrats.

Meanwhile, the chorus of opposition to “Biden's mismanagement of the US’s strategic oil reserves” is gathering more Republican voices.

House Republican Byron Donalds tweeted that Biden’s move is not an effort to steady markets, "it's a bid to try and save his party from getting walloped in the Midterm elections."

He said "Biden's mismanagement of our strategic oil reserves is a dire threat to national security."

Biden’s plan to tap into the US’s emergency oil reserves comes as OPEC and its oil-exporting allies have announced a cut in oil production by two million barrels per day to boost prices.

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