President Joe Biden announced Tuesday that he has ordered the release of 50 million barrels of oil from America’s strategic reserves, in a coordinated attempt with other countries to cut rising fuel prices.
"This decision will be made in parallel with other major energy consuming nations such as China, India, Japan, the Republic of Korea and the United Kingdom."the White House said.
The joint initiative, presented as unprecedented by the Americans, seeks that with the increase in supply, prices fall mechanically.
American reserves are the world’s largest emergency supply.
According to a senior official, the release will begin between mid and late December, and further interventions are possible to stabilize the market, "in response to a pandemic unique in the century".
"As the president has said, consumers are now suffering at gas stations"said the official.
"The president is ready to take additional action if necessary and is prepared to use his full authority, working in coordination with the rest of the world to maintain an adequate supply as the pandemic is left behind."added.
Prices have already been falling by around 10% in recent weeks. But officials replied to Biden by assuring that despite falling oil prices, gasoline prices have only risen for final consumers.
This has hit the pockets of the common American and affected Biden’s popularity rating.
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