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US To Release 50 Million Barrels Of Oil To Ease Energy Costs

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FILE - Storage tanks are shown at a refinery in Detroit, Tuesday, April 21, 2020. The White House on Tuesday said it had ordered 50 million barrels of oil released from strategic reserve to bring down energy costs. (AP Photo/Paul Sancya, File)

(AP) — The White House on Tuesday said it had ordered 50 million barrels of oil released from strategic reserve to bring down energy costs, in coordination with other countries including China. The release will be taken in parallel with India, Japan, Republic of Korea and the United Kingdom, major energy consumers. The White House said President Joe Biden is prepared to take additional action if necessary to help ease costs. The move is an effort to bring down rising gas prices.

 

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