U.S., other nations to release oil from reserves to lower gas prices

The U.S. will release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to combat climbing gas prices.

  • The U.S. will release 50 million barrels of crude from the Strategic Petroleum Reserve, the White House said Tuesday.
  • The move is a coordinated effort between energy-consuming nations including China and Japan to combat the rapid rise in energy prices.
  • Prior to Tuesday’s announcement the Biden administration repeatedly said that it was looking at the tools at its disposal as prices at the pump hover around a seven-year high.

Source: U.S., other nations to release oil from reserves to lower gas prices