Fighting gas prices, US to release 50 million barrels of oil
WASHINGTON (AP) — President Joe Biden is ordering a record-setting 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs.
He said Tuesday he is acting in coordination with other major energy consuming nations, including China, India, and the United Kingdom.
It will take time, he said from the White House, “but before long you should see the price of gas drop where you fill up your tank.”
The action 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.
The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events.