What is the Strategic Petroleum Reserve?
CBSN
In a move that some economists are calling rare and unprecedented, President Joe Biden on Tuesday ordered the release of 50 million barrels of oil from the Strategic Petroleum Reserve located along the Gulf of Mexico.
Biden's move is in response to the soaring gas prices Americans have experienced this fall. The Biden administration said it hopes the 50 million barrels from the nation's stockpile will help lower the cost of fuel at a time when people are expected to travel in droves to reunite with family members for the Thanksgiving and Christmas holidays.
"Today's announcement reflects the president's commitment to do everything in his power to bring down costs for the American people and continue our strong economic recovery," the White House said in a statement Tuesday.
