Biden Announces Department of Energy Will Release 50 Million Barrels of Oil to Lower Gas Prices

President Joe Biden is making an effort to lower ⛽Gas Prices through the ⚡Department of Energy.

The administration released a statement acknowledging Americans are feeling the impact of rising ⛽Gas Prices, adding, “And American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic. That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply.”

Biden announced “the ⚡Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply.”

According to the president, the release will also “be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom.”

Biden said the 50 million barrels will be made available in two ways, explaining, “32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead.”