Poket News

US orders record 50 million barrels of oil released from America’s strategic reserve

 

  • United States President Joe Biden has ordered a record 50 million barrels of oil released from America’s strategic reserve, aiming to bring down gasoline and other costs, in coordination with other major energy consuming nations including India, the United Kingdom and China. 
  • The US action is focused on helping Americans cope with higher fuel and other prices ahead of Thanksgiving and winter holiday travel. Gasoline prices are at about 3.40 dollars a gallon, more than 50% higher than a year ago.