US to release 50 million barrels of oil to ease energy costs

<p>President Joe Biden speaks as he announces that he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, during an event in the South Court Auditorium on the White House complex in Washington, Monday, Nov. 22, 2021.</p>

AP Photo/Susan Walsh

President Joe Biden speaks as he announces that he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, during an event in the South Court Auditorium on the White House complex in Washington, Monday, Nov. 22, 2021.

WASHINGTON (AP) — President Joe Biden on Tuesday ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India, and the United Kingdom.

The move is aimed at global energy markets, but also at voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel. Gas prices are at about $3.40 a gallon, more than double their price a year ago, according to the American Automobile Association.

Biden has scrambled to reshape much of his economic agenda around the issue of inflation, saying that his recently passed $1 trillion infrastructure package will reduce price pressures by making it more efficient and cheaper to transport goods. Read the full story here:

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