Biden to release 50M barrels of oil from Strategic Petroleum Reserve amid gas price spike
President Biden said the Department of Energy will release 50 million barrels of oil held in the U.S. Strategic Petroleum Reserve, as Americans pay more for gas now than they have in years.
China, India, Japan the Republic of Korea and the United Kingdom will likewise tap their reserves in a coordinated effort to drive down prices.
Of the 50 million barrels, 32 million will be released but eventually returned to the Strategic Petroleum Reserve in the next few years, the White House said. The remaining 18 million barrels are part of a...