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Biden Announces He'll Release Oil Reserves to Combat High Gas Prices

Fifty million barrels of oil from the SPR will be released

President Joe Biden on Tuesday announced the release of emergency oil reserves to combat high energy prices ahead of the busy holiday travel season, but it will be weeks before the barrels hit the market.

The Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve, according to the White House -- the largest release from the reserve in US history, Biden said.

"We're taking action," Biden said. "The big part of the reason Americans are facing high gas prices is because oil-producing countries and large companies have not ramped up the supply of oil quickly enough to meet the demand. And the smaller supply means higher prices globally, globally, for oil."

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