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Biden to release 50 million barrels of oil from Strategic Reserve

Oil refinery
Posted at 4:23 PM, Nov 23, 2021

WASHINGTON (AP) — President Joe Biden is ordering a record 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.”

Biden's statement on using the strategic petroleum reserve.

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.