Amid soaring gasoline prices, President Joe Biden has announced he will release emergency oil reserves ahead of the Thanksgiving holiday weekend.
The Department of Energy will release 50million barrels from the Strategic Petroleum Reserve, which is the largest amount to be made available in US history, Biden said on Tuesday afternoon.
‘We’re taking action,’ Biden said from the White House.
‘The big part of the reason Americans are facing high gas prices is because oil producing countries and large companies have not ramped up the supply of oil quickly enough to meet the demand. And the smaller supply means higher prices globally, globally, for oil.’
Biden said the release will be in coordination with countries including the UK, China, India, Japan, and the Republic of Korea. Officials think the joint effort could be more powerful in lowering gas prices.
‘While our combined actions will not solve the problem of high gas prices overnight – It will make a difference and will take time,’ Biden said. ‘But before long, you should see the price of gas drop wherever you fill up your tank.’
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