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WATCH: Biden orders release of 50 million barrels of oil from reserve to combat high gas prices

WASHINGTON, DC — President Joe Biden is ordering 50 million barrels of oil released from America's strategic reserve to help bring down energy costs.

The White House says he's acting in coordination with other major energy consuming nations, including China, India, and the United Kingdom.

The action, announced Tuesday, is aimed at global energy markets, and also to help Americans who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel.

Gasoline prices are at about $3.40 a gallon, more than 50% higher than a year ago, according to the American Automobile Association.

The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events.

ABC News

Comments

25 Comments

        1. Why are you so daft nitwit? If Presidents have nothing to do with gas prices then why is “Biden orders release of 50 million barrels of oil from reserve to combat high gas prices.” Duh!

        2. char liar flunked Economics 101. Our president can change production like Joe Crow did in stopping production and affect the price of oil dunce. And in your scenario what difference would it make to open up reserves if id didn’t affect the price of oil, genius?

  1. No kidding est.19 to 28 Mil. barrels a day consumed, but does the doddering old fool say that? No! he and his ilk are out to destroy this country with his socialist puppet masters in control of him.

        1. We’re still energy independent. We now export crude, refined gasoline, and natural gas. Nothing has changed. You need to watch the news so you won’t miss out on things you should know.

          1. Char Lie Dumbo the idiot. If that was true nitwit then the gas prices would not be an issue or the same lower price like under Trump. Gas prices have gone up 30% under senile Joe.

          2. How back behind the times are you char liar? We were exporting with Trump. Now we can barely get enough oil for our needs.

  2. I watch the news. Every night. And do tons of research. Unlike you, I actually know what I’m talking about. Everything has changed. For the worse. We are the laughing stock of the world. Biden’s measly 50 million barrels will do nothing because Biden does whatever China tells him to do.

    1. It is OPEC and others coupled with production lags due to covid shutdowns. The Republican ERCOT disaster didn’t help along the Gulf coast. You need to get some education about how oil is priced worldwide. It has very little to do with what is going on in the US.

      1. My dad and granddad worked in the gas and oil industry their entire lives. I know exactly how it works. You are wrong as usual. Stop your lies and get over it.

  3. Surprise surprise surprise! Guess who is getting our oil reserves? Yep, china and India. All while this country suffers with the price of oil. char liar is happy as a good communist.

    1. India and China are two of the nations releasing their oil reserves onto the world market. So are Russia and South Korea. Biden and the state Department brokered the deal where everyone contributes. India and China aren’t getting any of our oil.

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