- The US is ordering the largest release from its strategic petroleum reserves in history, releasing 1 million barrels per day for 6 months, totaling over 180 million barrels. This is intended to help lower gas prices.
- The release comes as OPEC and allies confirmed they will stick to gradual production increases. Some US oil companies have been reluctant to increase production due to high profits from high oil prices.
- The release is part of Biden's two-part plan to provide immediate relief through reserves while also pushing long-term energy independence through clean energy.