WASHINGTON (AP) - President Joe Biden has ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India, and the United Kingdom.
The move is aimed at global energy markets, but also aimed at voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel.
Gas prices are at about $3.40 a gallon nationwide, more than 50% higher than a year ago, according to the American Automobile Association. Prices are higher in New York State, averaging $3.56 per gallon. That price is 5 cents higher than a month ago ($3.51), and $1.34 higher than November 22, 2020 ($2.22). New York’s average gas price is 16 cents higher than the national average.
The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events.