The decision was made jointly with other major energy consuming countries as oil-rich nations continue to ignore requests to ramp up production to pre-pandemic levels.
As part of the move, the Department of Energy will make available 50 million barrels of oil to lower prices and address the mismatch between consumer demand and supply amid the pandemic, the White House said.
The action, which has been in the works for several weeks, comes amid growing concern within the White House about inflation as prices rise on everything from fuel to Thanksgiving turkeys. The release of the oil reserves should quickly translate into lower prices at the pump, and officials will be watching to make sure energy companies are passing along lower oil prices to consumers, a senior administration official said Tuesday.
The decision was made jointly with other major energy consuming countries — including India, Japan and South Korea — to curb increasing energy prices after oil-rich nations rejected repeated calls to increase production as the global economy rebounds from the pandemic and fuel demands rise. While the use of the nation's oil stockpile typically reserved for emergencies, the administration has broad authority to conduct oil exchanges — releases that are repaid to the stockpile — and is partly relying on a previously authorized release, the official said. Of the 50 million barrels, 32 million will eventually be returned to the Strategic Petroleum Reserve on the assumption that prices go down in the future, and 18 million will come from a sale already approved by Congress.
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