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Biden Administration: Strategic Oil Releases Bring Gas Prices Down

President Biden Announces Ban Of Russian Oil Imports Amid War In Ukraine

Photo: Getty Images

President Biden's senior adviser is calling the latest release from the strategic oil reserve "historic." 

Gene Sperling said the release is five to six times larger than previous ones from the Obama and Clinton administrations. 

He explained the latest 15 million barrel release announced for December is the completion of the 180 million total. 

He noted that it's made a significant difference in gas prices, which are a $1.17 below their peak in June.


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