Biden's Plan to Lower Gas Prices Blows Up in His Face: Oil Prices Soar After Admin's Oil Reserve Tap

Biden's Plan to Lower Gas Prices Blows Up in His Face: Oil Prices Soar After Admin's Oil Reserve Tap


Domestic and international oil price indices rose Tuesday, even after President Joe Biden and other world leaders coordinated a release of emergency reserves.

The West Texas Intermediate crude oil index, which measures U.S. prices, increased more than 2 percent to $78.44 per barrel, while the European Brent Crude index ticked up nearly 3 percent, hitting $82 per barrel.

In an effort to knock down high gasoline prices, which are tied to the cost of oil, Biden announced Tuesday that the United States and several other nations, including China, Japan and the United Kingdom, would be releasing tens of millions of barrels of oil from emergency reserves.

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The White House said the United States would withdraw 50 million barrels from its Strategic Petroleum Reserve, established in

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