Biden administration may release a million barrels of oil daily from US reserves: report

Record-high gas prices ‘really putting a pinch on fleets across the country’: Trucking Assoc. of NY pres

Trucking Association of New York President Kendra Hems argues smaller carriers, which she says account for 91% of fleets across the country, are feeling the ‘pinch’ the most.

The Biden administration is mulling a plan to release around a million barrels of oil each day for several months from U.S. reserves amid high gasoline prices, according to a report.

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The plan, as reported by Bloomberg News, is an effort to relieve some inflation associated with rising gasoline prices and combat other supply shortages that partly stem from Russia's invasion of Ukraine.

The "total release may be as much as 180 million barrels" over time, the report stated.

A White House official did not deny the report but refused to confirm it.

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The national average for gas on Wednesday was $4.23, a penny cheaper than the day before but 62 cents higher than the month before, according to AAA. This time last year, the average price for gas was $2.86.

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