Why Joe Biden is releasing 50m barrels of oil 

White House moves to lower prices at the pump and combat rising inflation 

President Biden delivered a speech on the economy at an event in Washington D.C.
President Biden delivered a speech on the economy at an event in Washington D.C.
(Image credit: Alex Wong/Getty Images)

In a move to combat high petrol prices and rising inflation, the White House has announced that the US Department of Energy will release 50m barrels of oil from the Strategic Petroleum Reserve.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More