FILE - Storage tanks are shown at a refinery in Detroit, Tuesday, April 21, 2020. The White House on Tuesday said it had ordered 50 million barrels of oil released from strategic reserve to bring down energy costs. (AP Photo/Paul Sancya, File)

White House announces plan to release 50M barrels of oil from reserves

The White House announces plans to combat rising gas prices by releasing 50 million barrels of oil held in U.S. reserves, 18 million of which have already been approved for sale by Congress. One America’s Stephanie Myers spoke with Daniel Turner, the founder and executive director of Power the Future, about the latest move. 

A motorist fills up at a Shell station on Monday, Nov. 22, 2021, in San Francisco, where regular unleaded gasoline was selling for $5.85 per gallon. President Joe Biden on Tuesday, Nov. 23, 2021, ordered 50 million barrels of oil released from America's strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including India, the United Kingdom and China. (AP Photo/Noah Berger)

Top investor says prepare for $100+ oil price, $5+ gas this winter

A prominent investment manager said global oil prices will likely exceed $100 per barrel due to Joe Biden’s policies. Chief investment officer at Hayman Capital, Kyle Bass said Tuesday that Biden’s release of 50 million barrels from the Strategic Petroleum Reserve is “a quick shot of morphine for a major infection.”