Biden officially announces release of 50 million barrels of oil

Biden officially announces release of 50 million barrels of oil.

US announce coordinated release of oil reserves with Britain, China, India, Japan and Korea.

US PRESIDENT Joe Biden has decided to release 50 million barrels of oil from a coordinated SPR (Strategic Petroleum Reserve) with China, the UK, South Korea, and India, according to the White House on Tuesday, November 23.

“Today (November 23), the President is announcing that the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply,” the White House said.

Biden’s administration will tap into 50 million barrels of crude oil in an effort to combat soaring global prices on oil. The US decision is part of a plan reached with major Asian energy consumers to reduce energy prices.

According to the American Automobile Association, gasoline prices across the US are averaging about $3.40 (3.03 euros) a gallon, which is more than double their price a year ago.

The move to tap into the US’ stockpile of crude, the largest in the world with 620 million barrels of oil, is because Americans are “feeling the impact of elevated gas prices at the pump and in their home heating bills,” the White House said.

“American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic. That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply,” the White House statement read.

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