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Biden to release 50m barrels of oil in effort to bring down rising US gas prices
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The White House on Tuesday said it had ordered 50m barrels of oil released from the strategic reserve to bring down energy costs, in coordination with countries including China.
The move is an effort to bring down rising gas prices. US gasoline prices are averaging about $3.40 a gallon, more than double their price 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.
Maintained by the US energy department, the reserves are stored in caverns in salt domes along the Texas and Louisiana Gulf coasts. There are roughly 605m barrels of sweet and sour petroleum in the reserve.
The Biden
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