The Biden administration announced on Tuesday the release of 50 million barrels of crude from the country’s strategic reserve to tackle high prices.
The White House said this action was taken in “parallel” with countries such as India, China, Japan, South Korea and the United Kingdom. New Delhi has ordered the release of 5 million barrels from the reserve and other countries will make their respective announcements.
“American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,” the White House said in the announcement, adding, “That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply.”
