npr– The United States plans to draw 50 million barrels of oil from its emergency oil reserves in coming months, a widely anticipated step aimed at trying to take the edge off high gas prices that have been hurting consumers at the pump — and hurting President Biden in the polls.
Inflation has emerged as a top political concern with voters, who have seen prices for gasoline and other staples surge in recent months. U.S. gas prices are at their highest level since 2014.
Biden has been talking with other leaders about the problem, and other major consumers — China, India, Japan, South Korea and the United Kingdom — will take similar steps to release oil from their stockpiles, the White House said on Tuesday.
In a Tuesday news conference announcing the decision, Biden said, “We’re taking action.”
“The big part of the reason Americans are facing high gas prices is because oil-producing countries and large companies have not ramped up the supply of oil quickly enough to meet the demand. And the smaller supply means higher prices globally — globally — for oil,” he said.
Biden warned that actions by the U.S. and other nations wouldn’t fix problems at the pump “overnight,” but said Americans could soon expect relief.