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Biden to release oil reserves to combat high gas prices

President Joe Biden is set to announce the release of emergency oil reserves to combat high energy prices ahead of the busy holiday travel season.

Posted: Nov 23, 2021 2:58 PM

LAFAYETTE, LA (KADN) - Many people around the world have been affected by the recent uptick in gas prices but President Joe Biden announced today plans to tap the strategic petroleum reserve. 

During his announce President Joe Biden says "20 months ago the covid 19 pandemic exploded in America creating the worst economic crisis we've faced since the great depression". 

President Joe Biden is set to announce the release of emergency oil reserves to combat high energy prices ahead of the busy holiday travel season.

One lafayette resident says "Got to pay for it if you need it you know you got to have it so I mean it's up to you if you don't pay for it you cant go where you need to go do what you need to do so". 

But it will be weeks before the department of energy releases 50 million barrels of oil from the strategic petroleum reserve. Tyler Gray, former president of the Louisiana mid-continent oil and gas association told New's 15 recently there's been an increase in everything, not just gas.

Gray says "You are going to see how does the balance between the regulation and the supply play out going forward there are a lot of folks out there that the trend indicates that there could be increase all around especially as people recover from covid but there's still a lot of variables out there that could result in a stabilization of those prices". 

Meaning stabilization in gas prices but one lafayette resident says until that happens, we have to learn how to make things work.

Green says "To complain about the price of gas and society and the world all you have to do is try to survive in it". 

This release will be in coordination with several other countries, including China, India, Japan, The Republic of Korea, and the United Kingdom with hopes of making things better for the consumer. 

Now the barrels of oil involved in today's announcement will not hit the market until "mid to late December, depending on the market take-up.

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