President Joe Biden on Tuesday announced that he will tap the U.S. Strategic Petroleum Reserve (SPR) for 50 million barrels of oil in an effort to bring down prices at the pump.
“The move is aimed at global energy markets, but also at U.S. voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel,” the Associated Press reported.
But the move will not have an immediate effect. The government will not move barrels into the market until mid- to late-December. And not all of the oil will hit the market: Biden said 32 million barrels will eventually be returned to the SPR, with the other 18 million authorized for sale by Congress.
“The actions are unlikely to immediately bring down gas