Joe Biden is set to announce on Tuesday the release of 50 million barrels of oil from the country’s Strategic Petroleum Reserve in efforts to lower high gas prices and address the global lack of oil supply. The move will be part of a coordination by the Energy Department with other major energy consuming nations […]
Joe Biden is set to announce on Tuesday the release of 50 million barrels of oil from the country’s Strategic Petroleum Reserve in efforts to lower high gas prices and address the global lack of oil supply.
The move will be part of a coordination by the Energy Department with other major energy consuming nations including China, India, Japan, the Republic of Korea and the United Kingdom, per Just the News.
The White House also said the department will release the oil in two ways.
First, 18 million barrels will be an acceleration into the next several months of an oil sale Congress previously authorized. Second, 32 million barrels will be exchanged over the next several months, releasing oil that will eventually return to the reserve in the years ahead.
