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

President Joe Biden ordered 50 million barrels of oil released from reserves to bring down energy costs. Other nations are cooperating.

By

National News

November 23, 2021 - 9:54 AM

The oil market has been hammered by falling demand as a result of the coronavirus outbreak. Photo by Dreamstime - TNS

WASHINGTON (AP) — 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 50% higher than their price a year ago, according to the American Automobile Association. 

Biden has scrambled to reshape much of his economic agenda around the issue of inflation, saying that his recently passed $1 trillion infrastructure package will reduce price pressures by making it more efficient and cheaper to transport goods.

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