White House announces it will release oil from strategic reserve in an effort to combat rising gas prices

The Biden administration 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, the White House said in a statement 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.-- More...

BREAKING: White House announces it will release oil from strategic reserve in an effort to combat rising gas prices@YlanMui reports: pic.twitter.com/N2QSzv1fQg

— Squawk Box (@SquawkCNBC) November 23, 2021