Joe Biden is tapping into the Strategic Petroleum Reserve to release 50 million barrels of oil. The White House announced the move Tuesday morning as Americans get ready to travel for the Thanksgiving holiday.
Specifically, the Department of Energy will release 32 million barrels of oil as part of an exchange that will be returned to the reserve in the coming years. 18 million barrels will be released over the next several months from a sale that Congress had previously authorized.
While the statement admits Americans are hurting due to rising gas prices, the administration seems to be engaging in damage control by attempting to praise Biden’s actions so far. China, India, Japan, South Korea and the U.K. will also tap into their reserves in a coordinated effort to lower prices.
Meanwhile, the 45th president is questioning the Biden administration’s move. In a statement released Tuesday, Donald Trump pointed out during his time in office the U..S was energy independent, in turnn, leading to lower oil prices. He also pointed out he filled the Strategic Oil Reserves in case of emergency when prices were low.