Biden to release 50m barrels of oil in effort to bring down rising US gas prices

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 the UK, China and Japan.

In a tweet, Joe Biden said: I have been working with countries across the world to address the lack of supply. As a result of our diplomatic efforts, this step will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom."