Biden taps into Strategic Petroleum Reserve to help lower gas prices

WASHINGTON, D.C. (NBC) – The White House announced Tuesday that the Biden administration will tap the Strategic Petroleum Reserve.

According to the statement, the president has authorized the release of 50 million barrels of oil to help ease gas prices for Americans.

32 million barrels exchanged over the next several months will see the same amount returned to the reserve over time.

The release of the other 18 million barrels will come from the accelerated release of a sale of oil from the reserve which was already approved by Congress.

The release is meant to span the current gap between supply and demand for oil and reduce prices for consumers.

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