Biden to Release Oil Reserves to Combat High Gas Prices

The White House announced during a press statement today, Tuesday, that the US President decided to release the strategic oil reserves of the United States of America, estimated at about 50 million barrels, within 3 months, to contribute to calming crude oil prices, especially since oil prices are high and affect economic growth.

The press release added that this step by the US President to borrow and sell the country’s strategic crude oil reserves, is taking place in coordination with moves to withdraw from the strategic reserves by China, India, Japan, South Korea and Britain.

And oil prices fell at the beginning of trading today, Tuesday, to lose their gains in the previous session, after talking about the United States, Japan and India to release crude oil reserves to calm prices despite the threat of a decline in demand with the spread of Corona virus infections in Europe.