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