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    Home » The US Taps to Oil Reserves Alongside Other Countries in Bid to Lower Gas Prices
    Indices News

    The US Taps to Oil Reserves Alongside Other Countries in Bid to Lower Gas Prices

    November 24, 20211 Min Read
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    President Joe Biden made an effort to deliver a Thanksgiving gift for US drivers, announcing the country’s largest-ever release of oil reserves to reduce petrol prices.

    • It was a surprising move for a leader who placed climate change at the center of his legislative program and campaigned “transition from the oil industry.”
    • The United States stated that it would release 50m barrels from its nearly 600m-barrel Strategic Petroleum Reserve.
    • The UK, India, South Korea, Japan, and China approved the release of the oil stocks. Britain plans to release nearly 1.5m barrels. India is set to release 5m barrels.
    • The US amount covers nearly half a day of global oil demand of nearly 100m barrels per day. Around 32m barrels will be released between mid-December and at the end of April 2022 in a swap with oil companies.

    Other effects of curbing petrol prices, including requesting Saudi Arabia and OPEC+ members to pump more oil, have fallen short.

    CL1!  Down -0.22%, USOIL down -0.09%

    Source: FT

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