The Biden administration will release 1 million barrels of oil each day for the next six months from U.S. reserves amid high gasoline prices.

The plan announced Thursday is an effort to relieve some inflation associated with rising gasoline prices and combat other supply shortages that partly stem from Russia's invasion of Ukraine.

"This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up," the White House said.

President Biden is expected to formally announce the move at a White House event Thursday afternoon.... Read More: FOX Business