Biden to Tap Into U.S. Oil Reserves to Combat Rising Gas Prices

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The United States and five other world powers announced a coordinated effort to tap into their national oil stockpiles on Tuesday, attempting to drive down rising gas prices that have angered consumers around the world.

The move appeared to underwhelm oil traders, who had been expecting President Biden to announce a larger release from America’s Strategic Petroleum Reserve, which is the biggest in the world with 620 million barrels. The price of a barrel of crude oil actually rose after the announcement in global trading, although administration officials said prices could fall in coming weeks.

The market reaction underscored the difficulties Mr. Biden faces, both politically and economically, in his efforts to react to the fastest increase in U.S. inflation in three decades. The president has seen his approval ratings slump as gas and food prices have risen, while Republicans have…

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