The Biden administration is releasing 50 million barrels of oil from the nation’s Strategic Petroleum Reserve to lower gas prices.
Because, they say, we cannot be vulnerable to volatile energy supplies.
There’s more to the story.
First, not all of those barrels are going to U.S. consumers. A total of 18 million are expected to be sold to China and India, according to Fox Business.
Energy Secretary Jennifer Granholm indicated Tuesday that the congressionally-approved sale of those 18 million barrels will help drive down U.S. oil prices, presumably by offsetting international oil shortages.