How Biden's Strategic Petroleum Reserve sale will work and what it will do

The Biden administration announced on Tuesday it would act alongside five other major economies and release tens of millions of barrels of oil from national stockpiles in a bid to lower prices, as global oil cartel OPEC+ resists significantly boosting production in response to President Joe Biden’s urging.

The Department of Energy will oversee the release of up to 50 million barrels of crude oil from the Strategic Petroleum Reserve’s four storage sites along the Gulf Coast, which will be made available to private firms for refining or otherwise adding to their own crude reserves.