U.S. To Release 50 Million Barrels Of Oil To Ease Energy Costs
Newsy
The Biden administration plans to tap into the country's emergency stockpile as gas prices across the nation are averaging $3.40 per gallon.
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.
Related StoryThe President's Options Are Limited To Help Gas Prices
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 nationwide are averaging $3.40 a gallon, more than 50% higher than their price a year ago, according to the American Automobile Association.
