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Tipsheet

Biden to Release Oil from Strategic Reserve

AP Photo/Susan Walsh

The White House said Tuesday it will take 50 million barrels of oil from the strategic reserve to help lower energy costs. 

Gas prices are an average of $3.40 nationally, according to AAA. The national average last year at this time was $2.11. 

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The release will be taken in parallel other nations including, India, Japan, the Republic of Korea and the United Kingdom, major energy consumers.

The U.S. Department of Energy will make the oil available from the Strategic Petroleum Reserve in two ways; 32 million barrels will be released in the next few months and will return to the reserve in the years ahead, the White House said. Another 18 barrels will be part of a sale of oil that Congress had previously authorized. (Associated Press)

Many expressed skepticism about the move.

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Update: Former President Trump blasted the move.

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"For decades our Country’s very important Strategic Oil Reserves were low or virtually empty in that no President wanted to pay the price of filling them up," Trump said in a statement. "I filled them up three years ago, right to the top, when oil prices were very low. Those reserves are meant to be used for serious emergencies, like war, and nothing else. Now I understand that Joe Biden will be announcing an 'attack' on the newly brimming Strategic Oil Reserves so that he could get the close to record-setting high oil prices artificially lowered. We were energy independent one year ago, now we are at the mercy of OPEC, gasoline is selling for $7 in parts of California, going up all over the Country, and they are taking oil from our Strategic Reserves. Is this any way to run a Country?"

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