Headline RoundupNovember 23rd, 2021

Biden Orders Release of 50M Barrels of Oil From Strategic Petroleum Reserves

AllSides Summary

On Tuesday, President Joe Biden ordered the release of 50 million barrels of oil from the Strategic Oil Reserve in an effort to bring down energy costs.

Japan, India, China, The United Kingdom and the Republic of Korea will also tap their reserves in a coordinated effort to drive down prices. According to AAA, gasoline prices in the U.S. are about 50% higher than a year ago. Some domestic oil producers opposed the move, and called on Biden to encourage more fossil fuel production instead of tapping into emergency reserves.

Analysts across the spectrum say the move likely won't have an immediate impact on prices at the gas pump or on home heating bills. Coverage from some right-rated sources highlighted Republicans who said the move was an effort by Biden to save face amid high inflation, rather than one to help alleviate high costs for Americans.

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