The Biden administration is expected to announce they will release his decision to release oil from the Strategic Petroleum Reserve on Tuesday during a speech at the White House, officials tell CNN, but the timing of such a move is still contingent on other nations finalizing their agreements.
The United States has asked China, India, Japan and South Korea to join in a coordinated effort to release reserves of crude oil. The Biden administration hopes such a move would help combat soaring gasoline prices and fears of inflation — or at least show the President is focusing on addressing what has become one of his steepest political challenges.
If successful, such an agreement could help keep a lid on gasoline prices heading into the holiday travel season and relieve some of the political pressure, at least in the short term, that the White House has been feeling over the energy crunch, which officials believe is directly linked to inflation.
