PHILADELPHIA (KYW Newsradio) — In an effort to bring down gas prices, the White House announced Tuesday morning that the president has called for the release of 50 million barrels of oil from the nation's emergency stockpile. President Joe Biden is expected to make a statement later in the afternoon.
Pennsylvania has been feeling the pinch of higher gas prices. Currently, AAA says the average price for a regular gallon in the commonwealth is close to $3.60, which is $1.10 more than it was last year. The national average currently is $3.40.
Officials say and experts say that what drivers are experiencing is basic economics: Demand has shot up while production has not met that demand. While the White House is hoping dipping into the reserves will take the sting out of filling up, it remains to be seen how much of an impact it will have around the country.
And now, in the Thanksgiving travel season, and with the winter holidays coming up, costs are up overall for food and other good, and people are looking for relief.
The release of U.S. oil reserves is part of a coordinated campaign with other countries including China, India, Japan, South Korea and the United Kingdom, which, according to the White House, will also be getting more of their backup oil out into the market.
So now the White House has a balancing act between finding short-term relief and the long-term goal of shifting away from fossil fuels.
