What is the Strategic Petroleum Reserve?
CBSN
President Biden announced Thursday that his administration will release 180 million barrels of oil from the nation's Strategic Petroleum Reserve over the next six months in a move to curb soaring gasoline prices.
That amounts to 1 million additional barrels per day — which the White House said is the biggest oil release in U.S. history — and is the third time Mr. Biden has tapped the petroleum stash during his presidency. In November 2021 he ordered the release of 50 million barrels, while in March the U.S. joined 30 other countries that are members of the International Energy Agency to release 60 million barrels, including half from the U.S.
White House officials said the latest move to tap the oil reserve is part of a larger plan to help lower gas prices, which now average $4.22 a gallon. For anyone wondering exactly what the Strategic Petroleum Reserve (SPR) is, here's an explainer.
