Relief is on the way as gas prices get to a high we have not seen in 15 years.

According to the Midland Reporter-Telegram, the International Energy Agency, which includes the United States, agreed to release 60 million barrels of oil from strategic reserves, 30 million of it from the U.S. alone.

This is to set the tone that there will be no supply issues because Russia is at war with Ukraine.

The Paris-based IEA made the decision during a meeting of energy ministers chaired by Jennifer Granholm, the U.S. Energy Secretary, who said in a statement that the Biden Administration approved a commitment of 30 million barrels.

"This decision reflects our common commitment to address significant market and supply disruptions related to President Putin’s war on Ukraine," said Granholm. “We will continue advancing ongoing efforts to accelerate Europe’s diversification of energy supplies away from Russia and to secure the world from Putin’s attempts to weaponize energy supplies."

Russia is the third-largest producer of oil and its exports are about 12% of the global oil trade with 60% of its oil going to Europe and 20% going to China.

"The situation in energy markets is very serious and demands our full attention. Global energy security is under threat, putting the world economy at risk during a fragile stage of the recovery," said IEA Executive Director Faith Birol in a statement. "I am also happy that our member countries committed to do their utmost to support Ukraine in terms of fuel supply."

The national average gas price is up 26 cents from a month ago and 93 cents more than a year ago.

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