WASHINGTON (NEXSTAR) — President Joe Biden is expected to make a major announcement to lower consumer prices Tuesday.

Tuesday morning, the White House said it will release millions of barrels of oil from the strategic reserve to bring down costs. It comes after fuel prices hit their highest levels in October since 2014.

As millions of Americans plan to hit the roads during the busy holiday travel season, Biden is expected to announce plans to lower prices.  The president is scheduled to deliver remarks at 2 p.m. eastern time.

Last week, the White House sent a letter to the Federal Trade Commission to investigate the price of gasoline to ensure companies are not price gouging.

While renominating Federal Reserve Chairman Jerome Powell Monday, Biden insisted high prices are merely temporary. Republicans say it’s the Biden administration’s economic policies driving up prices nationwide.