Biden to announce release of oil reserves as part of effort to lower gas prices

By CNN

Published November 23, 2021 5:31 AM

CNN

By Kate Sullivan and Betsy Klein, CNN

President Joe Biden on Tuesday will announce the Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve as part of an effort to lower high gas prices and address the lack of oil supply around the world.

This release will be in coordination with other major energy consuming nations, including China, India, Japan, the Republic of Korea and the United Kingdom, the White House announced in a fact sheet.

This story is breaking and will be updated.

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