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EXPLAINER: What is the Strategic Petroleum Reserve?

KIFI

By CATHY BUSSEWITZ
AP Business Writer

NEW YORK (AP) — President Joe Biden has ordered the release of 50 million barrels of oil from America’s strategic reserve. The move aims to reduce energy costs, which are a growing burden for millions of Americans embarking on Thanksgiving travel. The U.S. action was done in rare coordination with several other nations. It’s among the few actions that a presidential administration can take to try to lessen the squeeze, and political threat, of rising inflation. But the likelihood of providing meaningful relief in the near future is probably low. 

Article Topic Follows: AP National

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