President Joe Biden is ordering 50 million barrels of oil released from America's strategic reserve to bring down energy costs. He says he is acting in coordination with other major energy consuming nations, including China, India, and the United Kingdom.
President Joe Biden delivers remarks on the economy in the South Court Auditorium on the White House campus, Tuesday, Nov. 23, 2021, in Washington.
The government will begin to move barrels into the market in mid- to late-December. Gasoline usually responds at a lag to changes in oil prices, and administration officials suggested this is one of several steps toward ultimately bringing down costs.Oil prices had dropped in the days ahead of the announced withdrawals, a sign that investors were anticipating the moves that could bring a combined 70 million to 80 million barrels of oil onto global markets.
British Prime Minister Boris Johnson’s spokesman, Max Blain, said it was “a sensible and measured step to support global markets” during the pandemic recovery. Blain added that the country’s companies will be authorized but not compelled to participate in the release. “Begging OPEC and Russia to increase production and now using the Strategic Petroleum Reserve are desperate attempts to address a Biden-caused disaster,” Barrasso said. “They’re not substitutes for American energy production.”, saying that his recently passed $1 trillion infrastructure package will reduce price pressures by making it more efficient and cheaper to transport goods.. The consumer price index has soared 6.2% from a year ago — the biggest 12-month jump since 1990.
The coronavirus pandemic roiled energy markets everywhere. As it bore down and economic activity sank in April of last year, energy demand collapsed and oil futures prices turned negative. Energy traders did not want to get stuck with crude that they could not store. But as the economy recovered, production lagged and prices jumped to a seven-year high in October.
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