This morning, President Joe Biden announced a plan to release oil from the Strategic Petroleum Reserve (SPR), in coordination with other countries, as part of efforts to tamp down high gas prices as the holiday travel season begins. Via CBS News:
The Department of Energy will release 50 million barrels of oil from the SPR, of which 32 million will be an exchange of oil that will be returned in the years ahead, and 18 million will be the acceleration of a sale of oil previously authorized by Congress.
The move is part of a coordinated effort with major energy-consuming nations including China, India, Japan, South Korea and the United Kingdom to release reserves of crude oil. The White House said the agreement is the culmination of weeks of talks with other nations as part of Mr. Biden's efforts to address the lack of oil supply stemming from the COVID-19 pandemic.
"Today's announcement reflects the president's commitment to do everything in his power to bring down costs for the American people and continue our strong economic recovery," the White House said in announcing the release.
The coordination is a way to make it more complicated for the Saudis to retaliate. Good move!
