Biden administration says oil supply hasn’t kept up with demand as economy recovers from pandemic, with gas prices double what they were in 2020
The White House on Tuesday said it had ordered 50m barrels of oil released from the strategic reserve to bring down energy costs, in coordination with countries including China.
The move is an effort to bring down rising gas prices. US gasoline prices are averaging about $3.40 a gallon, more than double their price a year ago, according to the American Automobile Association.