Biden taps into Strategic Petroleum Reserve to release 50 million barrels of oil to lower gas prices

Chevron Gas prices over the $5 mark are displayed in Visalia, Calif., Tuesday, Nov. 16, 2021. 

 

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.

NEW!

President Donald J. Trump:

"..We were energy independent one year ago, now we are at the mercy of OPEC, gasoline is selling for $7 in parts of California, going up all over the Country, and they are taking oil from our Strategic Reserves. Is this any way to run a Country?" pic.twitter.com/BMOtr9XZug

— Liz Harrington (@realLizUSA) November 23, 2021

Despite this, Biden plans to tap into the emergency oil reserves in an attempt to combat high energy prices ahead of the holiday season. However, trump noted those reserves are meant to be used for serious emergencies such as war and nothing else.