- Speech comes as prices increase 6.2% over past 12 months
- 54% of Americans say cost of groceries and gas is a ‘major crisis’
- Biden to release 50m barrels of oil in effort to bring down US gas prices
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Joe Biden announced this morning that his administration will release 50m barrels of oil from the strategic petroleum reserve to help address high gas prices.
The president said on Twitter that the action “will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom”.