The Biden administration says it's releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.

President Joe Biden’s top economic adviser, Brian Deese, is leaving his post.

The Biden administration says the U.S. is buying 3 million barrels of oil to begin to replenish U.S. strategic reserves that officials drained earlier this year to fight inflation.

President Joe Biden is telling voters that he hasn’t given up on lowering gasoline prices.

Gas prices are once again reaching record highs. Nationwide the average price per gallon hit $4.50, raising new concerns that we could hit $5 this summer.

(CNN) - Three days before Christmas in 1975, President Gerald Ford signed a law creating the United States' first emergency stash of crude oil. At the time, OPEC, the cartel of oil-producing nations, had a stranglehold on the world's supply of crude. Today the United States is one of the world's largest producers and a major seller, not just a buyer, of oil. The Strategic Petroleum Reserve contains 645 million barrels the world's largest backup oil supply. They damaged the core of Saudi oil production and have temporarily knocked out 5.7 million barrels a day.