To lower gas prices, Biden authorizes release from US strategic oil reserve
ABC News
President Joe Biden will announce Tuesday that the country will tap into strategic oil reserves to help offset a surge in gasoline prices, the White House said.
The White House said Tuesday that President Joe Biden will tap into the nation's strategic oil reserve to help offset a surge in gasoline prices.
Biden, facing rising consumer discontent ahead of the Thanksgiving holiday, will make the formal announcement in remarks Tuesday afternoon, a senior administration official told ABC News.
Other countries, including China and India will release their own reserves in concert with the U.S. move, the White House said in a statement.
"Today, the President is announcing that the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply," the White House said.
