Biden to announce U.S. will release oil from the Strategic Petroleum Reserve

A senior White House official confirmed Monday night to CBS Evening News anchor and managing editor Norah O'Donnell that President Biden will announce on Tuesday a plan to release oil from the Strategic Petroleum Reserve, in coordination with other countries.

The administration has been pushing China, India, Japan and South Korea to join in a coordinated effort to release reserves of crude oil. An agreement would come as Americans face high gas prices before the busy Thanksgiving holiday and travel season.

If successful, the move would pit the countries against the OPEC coalition — including Russia and Saudi Arabia —  for control over oil prices.