"Hammered by high gasoline prices, President Biden announced this morning that the Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to lower prices.
The announcement comes in coordination with other major energy-consuming nations, including China, India, Japan, the Republic of Korea and the United Kingdom.
The White House said 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve. The other 18 million barrels are part of a sale of oil that Congress had previously authorized.
The White House said the effort "culminates weeks of consultations with countries around the world" and said the effort is already working with oil prices dropping nearly 10 percent since reports of the effort became public."