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Joe Biden Releases 50 Million Barrels of Oil from National Strategic Petroleum Reserve as Gas Prices Keep Rising

By CHARLIE SPIERING

The White House announced Tuesday that President Joe Biden would release 50 million barrels of oil from the Strategic Petroleum Reserve.

The president argued in a statement the demand for oil was not able to keep up with the economy recovering from the coronavirus pandemic shutdowns, leading to higher prices.

“American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,” the White House said in a statement.

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