With gasoline prices recently hovering near multi-year highs and crude production lagging demand in 2021, President Biden on Tuesday said his administration would tap the Strategic Petroleum Reserve (SPR) as part of a broader international move to boost supply and curb costs at the pump.

The United States is coordinating the release along with similar efforts by China, India, Japan, Republic of Korea and the UK. The Biden administration said it would release 50 million bbl in total – 32 million bbl in newly approved releases and 18 million bbl as part of an acceleration of a sale of oil that Congress had previously authorized.

“The president stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of...