US to release 50 million barrels of oil to ease rising energy costs

 

President Joe Biden is scheduled to deliver remarks Tuesday “on the economy and lowering prices for the American people,” according to the White House schedule.

President Joe Biden on Tuesday 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 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 double their price a year ago, according to the American Automobile Association.

Source: US to release 50 million barrels of oil to ease rising energy costs