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 sale that Congress has already authorized; the White House said it was accelerating the release of that sale.

"The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic," the White House said in a statement Tuesday.

A man fuels a car at a gas station in New York, on Oct. 13, 2021. (Photo by Xinhua via Getty Images) (Xinhua via Getty Images / Getty Images)

Biden's pressure on 14-nation OPEC and Russia to pump more supply into the global market has so far had little effect. The administration has blamed higher prices in part on the effects of the economy recovering and restarting from the COVID-19 pandemic. It has also singled out energy companies for alleged anti-competitive behavior. Biden last week asked the Federal Trade Commission to investigate whether "illegal conduct" is driving up prices at the pump for Americans.