The modern world cannot survive and thrive without a productive petroleum industry
That will come through the release of 15 million barrels from the country's Strategic Petroleum Reserve (SPR), part of a 180-barrel initiative that the Biden administration started undertaking in May to curb soaring prices at the pump. The release will extend the program through the end of the year.
"Gas prices hit almost every family in this country and they squeeze their family budgets. When the price of gas goes up, other expenses get cut," Biden said. "That's why I have been doing everything in my power to reduce gas prices since Putin's invasion of Ukraine caused these prices to spike and rattle international oil markets."
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