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Long, you should see the price of gas drop where you fill up your tank. >> let's talk more about this with catherine rampell, cnn economics and political commentator. she is also a "washington post" opinion columnist. always great to have you with us. >> great to be here. >> so in response to soaring gas prices, president biden is now tapping the strategic petroleum reserves, releasing 50 million barrels to help an estimated 48 million americans who will be driving during the thanksgiving holiday. but that's what this country uses in just 2 1/2 days. so how big a difference can this possibly m...

Strategic petroleum oil reserve. 32 million of those are going to be replenished in a few years. and the other 18 million are already mandated by congress by legislation they passed. he's moving up the time line to increase that. it's part of the effort not just the u.s. alone. as the u.s. has been frustrated with the fact opec has been heeding the demands to release more oil into the market, you have the president reaching out to our allies, the u.k., japan, india and also significantly china as well, a major energy consumer. it's part of what the president argued is going to have an impact o...

Gas prices overnight, it will make a difference. it will take time, but before long, you should see the price of gas drop where you fill up your tank. in the longer term, we will reduce our reliance on oil as we shift to clean energy. but right now i will do what needs to be done to reduce the price you pay at the pump. from the middle class and working families that are spending much too much and it's a strain, and you're the reason i was sent here, to look out for you. there is another issue we'll be addressing as well. because the fact is the price of oil was already dropping prior to this ...

It will take time, but before long, you should see the price of gas drop where you fill up your tank and in the longer term, we will reduce our reliance on oil as we shift to clean energy. but right now, i will do what needs to be done to reduce the price you pay at the pump from the middle class and working families that are spending much too much and it's a strain, and you're the reason i was sent here to look out for you. there's another issue we'll be addressing as well, because the fact is the price of oil was already dropping prior to this announcement and many suggested in anticipation ...

Most plans even have a $0 premium. so go ahead. take advantage now. ♪ wow! ♪ in our money lead, president biden is making a move he hopes can lower gas prices by announcing the emergency oil reserves. americans are paying $3.40 a gallon compared to $2.11 this time last year. but it will take weeks before the millions of barrels of oil will hit the market. as jeff zeleny reports, this step may not do much to fix the problem. >> it will take time, but before long, you should see the price of gas drop where you fill up your tank. >> reporter: president biden taking new steps to try and ease...