Biden admin plans to sell oil from emergency reserves to prevent price hike

The Biden administration could likely sell oil from the Strategic Petroleum Reserve (SPR), in an attempt to control the rising fuel prices ahead of the midterm election.

President Joe Biden is expected to make an announcement this week.

Rising retail gasoline prices are a major driver of inflation, which Biden is trying to curb, especially with the approaching November midterms.

The average US price of gasoline reached close to $3.89 a gallon on Monday—about 20 cents more than a month ago—per the American Automobile Association.