In an effort to contain skyrocketing oil prices, the Biden administration announced Tuesday a loan of $13.4 million of barrels of crude oil from the strategic petroleum reserve to seven major U.S. energy companies.

Those companies include ExxonMobil Oil Corp, Shell, BP Products North America Inc, Trafigura Trading LLC, Phillips 66 Co., Macquarie Commodities Trading SA and Chevron Corp.

The award is a part of an unprecedented plan announced in November by President Joe Biden to release 50 million barrels from the reserve in a move coordinated with India, Japan, South Korea and China to reduce prices and ease OPEC’s stranglehold on supply.

In a hearing on Capitol Hill last week, U.S. Congressman Kelly Armstrong said the Biden administration’s draw-downs from the strategic reserve are either a political ploy or evidence that the administration has a complete lack of knowledge of global energy markets.

“Even if it would bring down the price of oil, that oil they are releasing doesn’t magically get turned into gasoline tomorrow. The correlation between gas prices and oil price obviously exists, but one of the issues with gasoline is the bottleneck and the refining process, and futures, and all of these different issues. So, not only is it a bad idea because it’s not going to work, but there’s another bad reason for it because it means you’re going to have to refill the strategic oil reserves at high prices at cost to the taxpayer,” said Armstrong.

Armstrong says the Biden administration has put major restrictions on domestic oil production and even imported 200,000 barrels of oil from Russia in October.