India, China and Japan will do the same, the White House said.
Cecilia Vega reports on how the Biden administration plans to combat rising prices ahead of the holiday season.will tap into the nation's strategic oil reserve to help offset a surge in gasoline prices.
Other countries, including China and India will release their own reserves in concert with the U.S. move, the White House said in a statement."Today, the President is announcing 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," the White House said.
"And, as a result of President Biden’s leadership and our diplomatic efforts, this release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom. This culminates weeks of consultations with countries around the world, and we are already seeing the effect of this work on oil prices.
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