US to release 50 million barrels of oil to ease energy costs
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WASHINGTON (AP) – President Joe Biden has 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 aimed 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 50% higher than 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.