The White House announced Tuesday a coordinated release of millions of barrels of oil from strategic reserves in multiple countries to bring down energy costs.
The U.S. Department of Energy will make available 50 million barrels of oil, according to the White House statement.
China, India, Japan, South Korea and Britain are also participating. The statement did not specify how much oil each of those nations will be releasing.
“American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,” the White House said. “That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply.”
The Biden administration is also looking at potential price manipulation in oil and gas markets with a Federal Trade Commission investigation.