This release will be in coordination with several other countries, including China, India, Japan, the Republic of Korea and the United Kingdom.
The move comes as the White House faces mounting pressure to lower skyrocketing prices at the pump that are contributing to the biggest inflation spike in decades, causing frustration and anger among Americans.
CNN previously reported Biden hoped to announce his decision to release the oil reserves during a Tuesday speech at the White House, but that the timing of such a move was still contingent on other nations finalizing their agreements.
Despite being told the impact may be negligible, the option to release oil reserves remained on the table, given Biden had few others, and officials believed coordinating with other countries could potentially have more of an effect.
The national gas price average as of Tuesday is $3.403, according to AAA, which is significantly higher than the average at the same time last year when many people were not driving or traveling as much due to the Covid-19 pandemic.
This story has been updated with additional information.