Biden releases 50 million barrels from Strategic Petroleum Reserve to combat gas prices

Biden announces the release of 50 million barrels of oil from the Strategic Petroleum Reserve in coordination with China, India, Japan, South Korea, and the UK, the first coordinated international strategic reserve release in history. Gas prices had risen to $3.40 per gallon nationally, a 7-year high, driven by post-pandemic demand recovery. The release aims to reduce prices ahead of Thanksgiving and Christmas travel. The IEA separately releases 60 million barrels. Critics call it a band-aid. Prices fall modestly but remain elevated. Biden uses the SPR repeatedly in 2022, releasing a record 180 million barrels.