US President Joe Biden on Thursday announced the United States would release 1 millionbarrels of oilper day from the nation’s strategic petroleum reserve for the next six months.
He said tapping the emergency stockpile was aimed to combat high prices at the pump.
“Our prices are rising because of [Russian President Vladimir] Putin’s action. There isn’t enough supply. And the bottom line is if we want lower gas prices, we need to have more oil supply right now,” Biden said.
The release won’t make up for the loss of 3 million barrels per day of Russian oil which the International Energy Agency estimates will be caused by Western sanctions and as global buyers avoid the oil.
More to follow…
lo/nm (Reuters, AFP)
US dipping into oil reserve to curb rising gas prices
Source: Pinoy Pop News
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