President Biden expected to announce plan to help lower gas prices

Happening Wednesday, President Joe Biden is expected to announce a plan to help ease the rising gas prices. Prices have been ticking back up after OPEC announced it would be cutting oil production by two million barrels a day starting next month.

Biden is expected to announce the release of 15 million barrels of oil from the US reserves. The White House says this would meet his promise of releasing a total of 180 million barrels over six months to help bring gas prices down. Biden is also expected to talk about restocking the reserves and calling on oil and gas companies to cut consumers a break.

“It’s difficult, you know, for people to deal with groceries, where the price is increasing, where the price of gas is increasing,” said Rep. Liz Cheney, (R) Wyoming.

“Ultimately, what he want to do in the short-term, is supply has to meet demand so that prices continue to come down,” said Kate Bedingfield, the White House Communications Director.

The president’s efforts to bring gas prices down all come just weeks before the midterm elections. The administration has also been meeting with oil company executives to negotiate ways to lower prices, as political leaders know inflation is also a key issue among voters.

But even after the elections are over, Biden could announce more releases from the oil reserves this winter in an effort to keep prices from rising.

This is a developing story. Check back for updates as more information becomes available.

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