US To Release 50 Million Barrels From Reserves To Force Down Prices Of Crude Oil

US To Release 50 Million Barrels From Reserves To Force Down Prices Of Crude Oil
US President, Joe Biden

The United States of America has said it is releasing 50 million barrels of oil from its reserves in an attempt to bring down the soaring energy and petrol prices.

The move, according to reports, is being taken in parallel with other major oil-consuming nations, including China, India, Japan, South Korea and the UK.

This is coming on the heels of reported calls by the US TPresident, Joe Biden, asking the OPEC group of oil-producing nations to boost output more rapidly.

OPEC has however stuck to an agreement to only increase production gradually, saying it is concerned that a resurgence of coronavirus cases could drive down demand, as happened at the height of the pandemic.

In a statement, the White House said: “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand. That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply.”

Also, the Government of the United Kingdom said it will allow firms to voluntarily release 1.5 million barrels of oil from privately-held reserves, adding that the action would support the global economic recovery but “any benefit for UK drivers is likely to be limited and short in nature”.

In a similar move, India will release five million barrels, while South Korea, Japan and China will announce the amount and timing of their releases in due course.

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