Prez Biden flags move to release 50 mn oil barrels as major achievement

President Joe Biden has flagged as a major achievement of his administration the US-led move to release 50 million barrels of oil from the country’s Strategic Petroleum Reserve to lower energy costs for Americans, a decision taken in coordination with other major economies like India and China.

In November last year, President Biden announced that the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply.

“Now, with regard to the whole issue of energy prices, that gets a little more complicated. But you saw what happened when I was able to convince everyone from – including China,