The Department of Energy announced Tuesday the release of 13.4 million barrels of oil from the Strategic Petroleum Reserve, APA-Economics ABC News reports citing .
The release of the emergency oil reserves, part of an authorization announced by President Joe Biden in November, aims to combat rising gasoline prices in the US and the lack of oil supply around the world.
Biden warned in November that the administration’s actions “will not solve the problem of high gas prices overnight.”
“It will take time, but before long, you should see the price of gas drop where you fill up your tank,” the President said at the time. “And in the longer term, we will reduce our reliance on oil as we shift to clean energy.”
Shell Trading US Co., Chevron U.S.A. Inc., ExxonMobil Oil Corp. and BP Products North America were among the companies to be awarded the exchange contracts.
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