The US Strategic Petroleum Reserve includes over 600 million barrels stored in Texas, Louisiana. WASHINGTON – President Joe Biden is releasing 50 million barrels of oil from the nation's emergency stockpile to lower energy costs amid a spike in gas prices and soaring inflation, the White House announced Tuesday. Thirty-two million barrels will be released from the Strategic Petroleum Reserve over the next several months and will be replaced in the years ahead. Biden has been under mounting political pressure to provide Americans relief from higher gas prices and to tame inflation, which hit a 31-year high last month. The Strategic Petroleum Reserve is a stockpile to preserve access to oil in case of natural disasters, national security issues and other events.

Source: Libya Today November 23, 2021 15:47 UTC