reserves
Washington (AFP) - President Joe Biden will announce Wednesday he's putting the final 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said. The new tranche of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorized in the spring," in response to price hikes linked to Russia's invasion of Ukraine, a senior US official said Tuesday. The order, which Biden will announce in a speech, means the president will be "making clear that the administr...
AFP
Washington (AFP) - President Joe Biden tapped the US strategic oil reserves in a bid to reassure Americans angry about inflation and goods shortages as they head off to Thanksgiving -- and to buoy up his sinking poll ratings. Facing growing discontent around the country over inflation and especially the soaring price of fuel in filling stations, Biden on Tuesday announced a coordinated plan with other big consumers to release national oil reserves onto the market. The White House said that following weeks of negotiations, "this release will be taken in parallel with other major energy consumi...
AFP
Washington (AFP) - President Joe Biden announced Tuesday he has ordered the release of 50 million barrels of oil from the US strategic reserves in a coordinated attempt with other countries to tamp down soaring fuel prices. "This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom," the White House said. A senior administration official told reporters this was "the first time we've done something like this in parallel with other" countries. As the world emerges from the Covid-19 pandemic and subsequ...
AFP
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