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Biden administration to release 50 million barrels of oil from strategic reserve

5 days ago   |   By Who TV

The Department of Energy will release 50 million barrels of oil from the nation's Strategic Petroleum Reserve, the White House announced Tuesday, as the Biden administration seeks ways to control rising costs at the pump.
Of the 50 million barrels, 32 million will eventually be returned to the strategic reserve over the years ahead once fuel prices come down in a bid to ensure the reserve remains stocked, officials said.
Another 18 million barrels will be released as an acceleration of an oil sale Congress had already authorized.
Tuesday's announcement was made in concert with China...
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US to release 50 million barrels of oil to ease energy costs

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

5 days ago   |   By Wood TV

WASHINGTON - The White House on Tuesday said it had ordered 50 million barrels of oil released from the strategic reserve to bring down energy costs, in coordination with other countries including China.
The move is an effort to bring down rising gas prices. Gasoline prices nationwide are averaging about $3.40 a gallon, more than double their price a year ago, according to the American Automobile Association.
The release will be taken in parallel other nations including, India, Japan, the Republic of Korea and the United Kingdom, major energy consumers.
The U.S. Department of Energy will...
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