Biden to announce the release of 50 million barrels of oil

Gasoline price relief is coming.

When?

0:47

(CNN) -

US President Joe Biden will announce the release of 50 million barrels of oil from the Strategic Petroleum Reserve on Tuesday as his administration seeks to combat rising oil and gasoline prices ahead of the busy end-of-the-year travel season.

"Today, the President will announce that the Department of Energy will make available emissions of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand coming out of the pandemic and supply. "the White House said in a statement.

That will include 32 million barrels of oil as "an exchange over the next few months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the next few years," as well as 18 million barrels that "will be an acceleration into the next several months. of an oil sale that Congress had previously authorized.

• Gasoline Price Relief Looming As Oil Supply Rises, International Energy Agency Says

The decision comes amid recognition that inflation and high gasoline prices are directly related to Biden's political fortunes.

"Today's announcement reflects the President's commitment to do everything in his power to reduce costs to the American people and continue our strong economic recovery," the White House said.

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As CNN's Jeff Zeleny and Kaitlan Collins reported Monday, the move comes as a coordinated joint effort with China, India, Japan, the Republic of Korea and the United Kingdom, which officials believe could have a greater impact on prices. of gasoline.

Petroleum