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Biden administration to release 1M barrels of oil daily from US reserves
The national average price of gas is about 62 cents higher than a month ago
The Biden administration will release 1 million barrels of oil each day for the next six months from U.S. reserves amid high gasoline prices.
The plan announced Thursday is an effort to relieve some inflation associated with rising gasoline prices and combat other supply shortages that partly stem from Russia’s invasion of Ukraine.
“This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up,” the White House said.
President Biden is expected to formally announce the move at a White House event Thursday afternoon.
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The national average for gas on Wednesday was $4.23, a penny cheaper than the day before but 62 cents higher than the month before, according to AAA. This time last year, the average price for gas was $2.86.