The daily business briefing: November 24, 2021

Biden orders oil released from strategic reserve, DOJ asks appeals court to restore vaccine rules for employers, and more

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Gas
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1. Biden orders oil released from strategic reserve to fight rising prices

President Biden on Tuesday ordered the release of 50 million barrels of oil from the nation's Strategic Petroleum Reserve to try to reduce rising gasoline and heating fuel costs. The U.S. is coordinating the action with India, the United Kingdom, Japan, and China to counter OPEC+ producers' resistance to raising production. The White House said Biden was using "every tool available" to help consumers facing rising inflation and gas prices ahead of the Thanksgiving and winter holiday travel rush. The oil's release is unlikely to affect prices immediately because the barrels won't hit the market for weeks. The nationwide average price of a gallon of regular gas is about $3.40, more than 50 percent higher than a year ago, according to the American Automobile Association.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.