US to release 50 million barrels of oil to ease energy costs

The White House on Tuesday said it had ordered 50 million barrels of oil released from the strategic reserve to bring down energy costs, in coordination with other countries.

The move is an effort to bring down rising gas prices. Gasoline prices nationwide are averaging about $3.40 a gallon, more than double their price a year ago, according to the American Automobile Association.

The release will be taken in parallel other nations including, India, Japan, the Republic of Korea and the United Kingdom, major energy consumers.

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