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

By AP News

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WASHINGTON (AP) — 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.

President Joe Biden speaks as he announces that he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, during an event in the South Court Auditorium on the White House complex in Washington, Monday, Nov. 22, 2021. Biden also nominated Lael Brainard as vice chair, the No. 2 slot at the Federal Reserve. (AP Photo/Susan Walsh)

WASHINGTON (AP) — 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.

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Author: AP News

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