New release of oil reserves will put U.S. supplies at 40-year low
The latest release of oil follows historic withdrawals from the Biden administration to combat gas prices from the Ukraine war.
Strategic Petroleum Reserve
Trump releasing 172 million barrels of oil from reserve as prices soar
President Trump ordered the release of 172 million barrels of oil from the U.S.'s Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
Expert: Strait of Hormuz "nightmare scenario"
The Strait of Hormuz sees roughly 20% of the world's oil flow through it, and tankers are stalled on both sides of the narrow chokepoint amid suspected Iranian drone attacks, rattling oil markets. Mike Sommers, president and CEO of the American Petroleum Institute, joins "The Takeout" with analysis.
IEA to release 400 million barrels of oil
The International Energy Agency agreed Wednesday to release 400 million barrels of oil from its strategic reserves to alleviate the shortage caused by the Strait of Hormuz shutdown. CBS News MoneyWatch correspondent Kelly O'Grady has the details.
Debate on tapping Strategic Petroleum Reserve
With oil exports through the Strait of Hormuz halted, the International Energy Agency is meeting with G7 countries about whether they should tap their strategic petroleum reserves. CBS News reporter Kati Weis is following the debate.
Special Report: Biden speaks on gas prices
The U.S. will be releasing one million barrels of oil a day from the country's Strategic Petroleum Reserve for the next six months in an effort to mitigate high gas prices, President Biden announced Thursday. Watch his remarks in this CBS News Special Report.
Special Report: Biden releasing oil from Strategic Petroleum Reserve
President Biden on Tuesday announced the release of oil from the Strategic Petroleum Reserve in an effort to lower gas prices amid the Thanksgiving holiday. Major Garrett anchors a special report from Washington, D.C., on the president's decision, Weijia Jiang joins from the White House and Jill Schlesinger discusses the economic impact.
Biden releases 15M barrels from oil reserve
President Biden unveiled his three-step plan Wednesday to lower oil prices. Part of that plan is the release of 15 million barrels of oil from the U.S. strategic reserve. The announcement comes weeks after OPEC+ announced it was cutting oil production, a decision that drove gas prices up. CBS News senior White House and political correspondent Ed O'Keefe discussed the president's plan.
Biden pledges action on abortion rights
In a speech Tuesday, President Biden pledged that if Democrats keep control of both chambers of Congress, the first bill he'll send them in 2023 will be legislation to codify Roe v. Wade. CBS News senior White House and political correspondent Ed O'Keefe joins "Red & Blue" to discuss the latest from the White House.
Biden taps oil reserve to lower gas prices
The Biden administration is releasing oil from the Strategic Petroleum Reserve to help combat high gas prices. CBS News senior White House and political correspondent Ed O'Keefe, Politico political reporter Maya King and Washington Post national political reporter Theo Meyer join CBSN's "Red & Blue" anchor Elaine Quijano to discuss the latest.
Biden to release one-third of U.S. oil reserves
President Biden announced he will release 1 million barrels of oil from the Strategic Petroleum Reserve every day through October to combat rising gas prices and inflation. Analysts say this will result in a moderate drop in prices ahead of increased summer demand. CBS News transportation correspondent Errol Barnett reports from Maryland.
Biden says U.S. will release 1 million barrels of oil per day
The president criticized oil companies for failing to produce what the country needs, while sitting on "record profits."
Oil prices dip after report that Biden plans to tap petroleum reserve
Reports that the U.S. will release more crude from the nation's Strategic Petroleum Reserve could ease prices at the pump.
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