US releases 50 million barrels of oil from reserves

President Joe Biden has announced the release of oil from the US strategic stockpile in an effort to lower gasoline prices and stem a rally in the crude oil market that the White House says poses a risk to the economic recovery. global economy.

The White House on Tuesday said the president would authorize shipments of 50 million barrels of oil in the coming months, in a move that will be coordinated with releases from China, India, Japan, South Korea and Brother.

The decision, after weeks of hints from the US government that an oil release was on the cards, came after Saudi Arabia, Russia and other members of the Opec+ group of oil exporters reject the repeated pleas of the United Statess to increase supply.

Biden linked the release to an effort to stave off a sharp rise in inflation, saying Americans “feel the impact of rising gas prices at the pump and in their home heating bills, and American businesses.” as well, because oil supply has not kept up with demand. as the global economy emerges from the pandemic. “

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