(WASHINGTON) — U.S. President Joe Biden is expected to announce Tuesday that the country will tap into strategic oil reserves to help offset a surge in gasoline prices, a senior administration official told ABC News.

The move will be formally announced by the White House on Tuesday morning before Biden addresses it in a speech scheduled for the afternoon, according to the official.


Experts said Americans will see a quick drop in prices almost immediately. But the larger impact won’t hit for about two weeks, when gas stations across the nation lower prices.

This is a developing story. Please check back for updates.

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