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President Biden is planning to tap federal oil reserves in his latest move to tackle rising gas prices.
Biden plans to announce in coordination with other nations in the coming days that he will pump oil out of the Strategic Petroleum Reserves, after OPEC+ nations in the Middle East rebuffed his pleas to pump more oil.
The move will likely be in conjunction with India, South Korea and Japan, and China has said it is working to release some oil from its strategic reserves. Biden had called on the nation to do so during his bilateral meeting with President Xi Jinping.
The US is tentatively planning to unleash 35 million barrels of oil, equivalent to about three days' worth of crude oil production in the US.
The average price of gasoline recently breached a seven-year high, and now costs $3.409 per gallon, according to AAA.
The Consumer Price Index is up 6.2% over last year, and rose 0.9% in October alone,
