Biden Taps Oil Reserve To Battle Rising Energy Costs

The Associated Press reports:

President Joe Biden on Tuesday ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India, and the United Kingdom.

The move is aimed at global energy markets, but also at voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel.

Gas prices are at 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.

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BREAKING: The White House said it had ordered 50 million barrels of oil released from the strategic reserve to bring down energy costs. https://t.co/eNXEX5NKjt

— The Associated Press (@AP) November 23, 2021