President Joe biden announced Tuesday that he ordered release 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 joint initiative, presented as unprecedented by the Americans, seeks that with the increase in supply the prices lower mechanically.
According to a senior official, the release will begin between mid-to-late December, and new interventions to stabilize the market are possible, “in response to a pandemic unique in the century.”
“As the president has said, consumers are now suffering at gas stations,” the official said.
“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.
The prices have already been falling by about 10% in recent weeks. But officials replied to Biden by ensuring that despite falling oil prices, gasoline prices have only risen for final consumers.
This has hit the pockets of the common American and affected the rate of biden’s popularity.