President Biden is updating the country Thursday on his administrations efforts to lower gas prices, as Americans continue to face high prices at the pump.
The Associated Press reports the president is preparing to order the release of up to 1 million barrels a day from the country’s strategic petroleum reserve as a way to control price spikes caused by, among other factors, Russia’s invasion of Ukraine. For weeks, reporters have asked the White House whether the U.S. will release oil from the United States’ reserves, and the White House has consistently said it is considering all possible tools to lower prices.
Reports that Mr. Biden is planning to tap the reserves pushed oil prices down nearly $5 a barrel in overnight trading. But the overall economic impact to drivers remains unclear. U.S. oil on Thursday traded at $101.65 a barrel. The national average for gas is $4.23 a gallon, according to AAA, compared to $2.87 a year ago and $3.61 a month ago.
— CBS News’ Alain Sherter contributed to this report
