Biden orders 50M barrels from emergency oil stockpile to bring down gas prices

With millions of Americans on the move this week for Thanksgiving and the cost of gas much higher than it was a year ago, President Joe Biden on Tuesday ordered the release of tens of millions of barrels of oil from the strategic reserve in a move to bring down prices at the pump.

In a move coordinated with other nations including Britain and China, Biden ordered an additional 50 million barrels from the reserve, which is an emergency stockpile of oil stored in underground tanks in the Gulf Coast area, a move he said “will not solve the problem of high gas prices overnight,” during remarks from the White House.

“It will take time, but before long, you should see the price of gas drop where you fill up your tank,” he said. “And in the longer term, we will reduce our reliance on oil as we shift to clean energy.”