President Biden said the Department of Energy will release 50 million barrels of oil held in the U.S. Strategic Petroleum Reserve, as Americans pay more for gas now than they have in years.
China, India, Japan the Republic of Korea and the United Kingdom will likewise tap their reserves in a coordinated effort to drive down prices.
Of the 50 million barrels, 32 million will be released but eventually returned to the Strategic Petroleum Reserve in the next few years, the White House said. The remaining 18 million barrels are part of a sale that Congress has already authorized; the White House said it was accelerating the release of that sale.
"The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic," the White House said in a statement Tuesday.... Read More: FOX Business