Biden Expected to Announce His Decision to Release Oil Reserve

During a speech at the White House today, President Biden is expected to announce his decision to release 50 million barrels of crude oil from Strategic Petroleum Reserve. The United States, along with China, India, Japan, the UK and South Korea will join in a coordinated effort to release the crude oil reserves which the Biden administration hopes will combat soaring gas prices and fears of inflation. If it’s successful the agreement could help keep a cap on gas prices heading into the holidays and relieve some of the political pressure happening in Washington. The President is scheduled to deliver remarks this afternoon “on the economy and lowering prices for the American people”.