US to release 50 million barrels of oil from strategic reserve | Inside Story
Al Jazeera English
Published at : 25 Nov 2021
Published at : 25 Nov 2021
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It’s a rare move, that President Joe Biden hopes will help ease U.S. petrol prices and reduce inflation that have hit a 31-year high.
He’s tapping into the Strategic Petroleum Reserve.
50 million barrels of oil are being released.
Several other countries have also agreed to use their emergency reserves.
Biden’s critics say it’s a temporary fix.
Some argue it’s a political move to help his sagging approval ratings.
But the president says there isn’t enough oil on the market to meet demand - and that’s pushing up prices.
He’s asked the Organization of Oil Producing Countries to increase its output.
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