Biden to release 50 million barrels of oil from strategic reserve amid inflation, plummeting approval

Amid inflation and plummeting approval ratings, the Biden administration will release 50 million barrels of oil from the strategic reserve.

Per The Hill “Of the 50 million barrels, 32 million will eventually be returned to the strategic reserve over the years ahead once fuel prices come down in a bid to ensure the reserve remains stocked, officials said.

Another 18 million barrels will be released as an acceleration of an oil sale Congress had already authorized.

Tuesday’s announcement was made in concert with China, India, Japan, South Korea and the United Kingdom, which will also tap into their own strategic reserves.”