Biden administration to tap oil reserves in bid to tamp down rising gas prices

 The largest release in American history

The federal government is taking the rare step of releasing oil from the nation’s Strategic Petroleum Reserve in an effort to address rising gas prices ahead of the holiday season, President Joe Biden said Tuesday.

As part of the move, the Department of Energy will make available 50 million barrels of oil to lower prices and address the mismatch between consumer demand and supply amid the pandemic that has driven prices to their highest levels in seven years, the White House said in a statement.

Biden called the reserve release the largest in U.S. history, and said in an address from the White House that “I will do what needs to be done to reduce the price you pay at the pump.”

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