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US President Joe Biden Announces US To Use Strategic Oil Reserve To Contain High Fuel Level | Photo: EFE / EPA / JIM LO SCALZO
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The White House announced on Tuesday (23) that United States President Joe Biden was authorizing the use of the country’s strategic oil reserves to help offset rising fuel prices.
The US government has said the Department of Energy will release 50 million barrels of oil from the US-held emergency reserve. The action is being carried out in collaboration with other energy consuming countries, including China, India, Japan, South Korea and the United Kingdom.
The measure was announced in a White House statement this morning. Biden is expected to address the issue in a speech later this Tuesday.
“American consumers are feeling the impact of high gasoline prices on gas stations and household heating bills, as are American businesses, as oil supplies have not kept up with demand while the global economy is emerging from pandemic, ”the White House statement said. “That is why President Biden is using every tool available to bring down prices and address the supply shortage.”
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