U.S. to release 50 million barrels of oil from strategic reserve

Posted on AllSides November 23rd, 2021
From The Center
energy, gas prices, oil
Photo: Samuel Corum/Bloomberg via Getty Images

President Biden directed the Department of Energy on Tuesday to release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve to help lower fuel prices.

Why it matters: It's the Biden administration's most direct effort yet to tamp down on high gasoline prices that have become a political headache for the White House amid wider inflation.

The move comes after House Democrats urged Biden in a letter Monday to release crude oil and temporarily ban exports, according to Reuters.

By the numbers: Gasoline prices are averaging around $3.40 a gallon, more...

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https://www.axios.com/biden-strategic-petroleum-reserve-oil-prices-ea0fda45-e6b4-48be-9ac0-2b26b8c5cd13.html

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