50 million barrels released to ease rising gas prices around the country.
On Tuesday, President Biden signed a new executive order releasing 50 million barrels of oil from the national Strategic Petroleum Reserve. This action was taken in conjunction with the United Kingdom, India, and China to help stabilize energy costs around the world, as well as costs for consumers at the pump. The reserved oil is expected to reach the broader market in December.
The president urged patience for prices to decrease saying, “While our combined actions will not solve the problems of high gas prices overnight, it will make a difference. It will take time, but before long you should see the price of gas drop where you fill up your tank.” Gulf nations have indicated that they will control their supply of oil to maintain the current high prices, which could pose a challenge to the president’s effort to decrease prices.
As the Lord Leads, Pray with Us…
- For the president to seek God’s discernment as he handles the nation’s energy production.
- For Congress as they consider ways to address inflation.
Sources: AP, NPR, NY Times
