The White House is announcing the release of over 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve in an attempt to lower prices, as inflation weighs on voters ahead of the November election. President Biden's administration said it was conscious of average Americans' struggles with food costs, especially ahead of vacation season.
The country's Strategic Petroleum Reserve was tapped heavily in 2022 due to sanctions placed on Russia following the invasion of Ukraine. The oil reserves reached approximately 364 million barrels last month, a 43% decline from January 2021 when President Biden took office, federal data shows.
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