Senior administration officials say that President Biden will release oil from the nation's Strategic Petroleum Reserve as Americans face rising gas prices.
The administration will release 50 million barrels of crude oil from reserves with Britain, China, India, Japan, and Korea in an effort to combat soaring global prices of oil.
The Department of Energy will release reserves on Tuesday to address fluctuations in supply and demand for oil, according to administration officials.
Oil futures went up immediately after the announcement. The price of West Texas Intermediate jumped as much as 1.8 percent higher. The international standard for crude was up 2 percent to $80.18 a barrel.
The Organization of the Petroleum Exporting Countries and other oil- producing nations cut production when demand for oil fell. In the summer of 2020, the country's oil rig count was down 70 percent.
President Biden has called for an increase in production by the Organization of the Petroleum Exporting Countries, but has been turned down.
The president wanted to show Americans that he was focused on rising gas prices and that he was not going to let them down.
