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The White House announced Wednesday the decision to release tens of millions of barrels worth of oil from the country's strategic reserves.
President Biden's administration will be deploying 50 million barrels of oil from the Strategic Petroleum Reserve in order to counteract the soaring gas prices the U.S. public is experiencing at the pump since the Russian invasion of Ukraine began. The deployment of the oil is aimed at suppressing prices until the end of the surge, which the White House specifically attributed to the pandemic, and will be doled out in installments to attempt building stability in the market.
"Today, the President is announcing that the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply," the White House wrote.
BIDEN: 'CAN'T DO MUCH RIGHT NOW' TO LOWER SOARING GAS PRICES, 'RUSSIA'S RESPONSIBLE'
The Biden administration stressed that the petroleum reserves would begin rebuilding their holdings to ensure the emergency resources would not be depleted.
"32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead. The exchange is a tool matched to today’s specific economic environment, where markets expect future oil prices to be lower than they are today, and helps provide relief to Americans immediately and bridge to that period of expected lower oil prices," the White House announced. "18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized."