US Pres. Biden to lay out plan to complete emergency oil sales and spark US production

President Biden is expected to authorize the release of more oil from the Strategic Petroleum Reserve in an effort to bring down gas prices, senior administration officials announced Tuesday.

Driving the news: 15 million barrels will be released in December as part of the 180 million barrels the administration had announced earlier this year, according to the officials.

Key notes

Biden will lay out plans on Wednesday to continue using strategic petroleum reserve to gain more stability in gas prices -senior administration official.
    
Biden will reiterate that gasoline company profits are too high and they should return them to consumers -senior administration official.
    
Biden administration agrees to make future oil purchases to refill emergency reserve at prices at or below $67 to $72 a barrel -senior administration official.
    
Biden will announce 15 million additional barrels for delivery from SPR in December, extending the initial timeline and completing the 180 million commitment - a senior administration official.
    
SPR remains the largest reserve and the energy dept is willing to do more sales beyond December if needed -senior administration official.
    
Biden has stressed to his advisers we need to be vigilant and if significant additional SPR sales are needed in the coming months, we'll be prepared to do so -senior administration official.
    
Biden administration keeping all tools on the table, including limiting fuel exports, to tackle energy prices -senior administration official.
    
Biden's intent is to make sure we have enough oil in the market in the US. to ensure whatever happens we have sufficient supplies - senior administration official.
    
The industry should take Biden's move as a signal to increase production - senior administration official.

Market Update

This is another of many attempts by the Biden administration to try and tame gas prices via the SPR.

WTI struggles around two-week low below $83.00 as US prepares to ease oil supply crunch