U.S. to Release 50 Million Barrels of Oil to Help Lower Gas Prices
President Joe Biden is ordering 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs.
The White House says he’s acting in coordination with other major energy consuming nations, including China, India, and the United Kingdom.
The action, announced Tuesday, is aimed at global energy markets, and also to help Americans who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel.
Gasoline prices are at about $3.40 a gallon, more than 50% higher than a year ago, according to the American Automobile Association. The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events.
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