US President Joe Biden has greenlighted the release of 50 million barrels of oil from their strategic reserves to help alleviate global oil price hikes and shortages.
The move was made in coordination with India, China, Japan, the Republic of Korea, and the United Kingdom.
“The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic,” said the White House.
The US has already called on the Organization of the Petroleum Exporting Countries (OPEC+) to pump more oil but was denied,
Biden’s decision came while the national average for a gallon of gas stood at $3.409.
At least 32 million barrels will be traded in the coming months and will eventually return to the reserves in the near future.
OPEC+ states and Gulf nations will meet again on December 2 but has not yet announced any indication to follow through on the US’ request.
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