(The Center Square) - President Joe Biden announced Tuesday his administration will release 50 million barrels of oil from the Strategic Petroleum Reserve to help address skyrocketing energy costs.
The announcement is part of a joint plan with China, India, Japan, the Republic of Korea and the United Kingdom, and it comes as gas prices in the U.S. have risen about $1.20 a gallon in the past year.
The White House said, "32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead."
"The exchange is a tool matched to today's specific economic environment, where markets expect future oil prices to be lower than they are today, and helps provide relief to Americans immediately and bridge to that period of expected lower oil prices," the White House said. "The exchange also automatically provides for re-stocking of the Strategic Petroleum Reserve over time to meet future needs."
The American Automobile Association gas prices tracker reports the average price of gas at $3.40 per gallon of regular gasoline, up from $2.11 at the same time last year. Other energy costs also have risen sharply, according to data released by the U.S. Bureau of Labor Statistics.
"The energy index rose 4.8 percent in October after rising 1.3 percent in September," BLS said. "The gasoline index rose 6.1 percent in October, its fifth consecutive monthly increase. The index for natural gas rose 6.6 percent over the month, its largest monthly increase since March 2014. The electricity index increased 1.8 percent in October, its largest 1-month increase since May 2014, while the fuel oil index also rose sharply, increasing 12.3 percent."
The White House said the rising prices are the result of a surge in demand after a dip during the pandemic, but critics point to Biden's energy policies, including shutting down the Keystone pipeline, discouraging drilling on federal lands and implementing stricter regulations.
"President Biden killed the Keystone pipeline and greenlit Putin's Nord Stream II. Then he begged OPEC to produce more oil," U.S. House Republican Leader Rep. Kevin McCarthy, R-Calif., said. "Dear Mr. President: Let us produce our own energy and create jobs right here at home. Stop putting America last."
Biden released the reserves as his job approval numbers continue to decline and Americans become increasingly concerned about the economy. He made the announcement alongside news that he will seek reelection in 2024.