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US to release 50 million barrels of oil to ease energy costs

02:31

Biden orders release of 50 million barrels of oil to ease energy costs

President Joe Biden is ordering the release of 50 million barrels from the US strategic petroleum reserve in a bid to ease rising gas prices over the next few months, a senior White House official said.

The official said on Tuesday that Mr Biden’s decision was driven in part by a desire to reduce the burden placed on American families by higher prices that are in part due to increased fuel costs.

Biden’s decision will be made in concert with similar efforts by China, Japan, India, South Korea, and the UK.

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