US President Joe Biden has announced that the United States will release 50 million barrels of oil from its strategic reserve along with other energy-consuming nations, including China, India, Japan, South Korea and the UK, APA reports citing Sputnik.
The White House says that the crude will be released in two ways: 32 million barrels will be released over the next several months and the Strategic Petroleum Reserve will eventually be replenished with the same amount, while 18 million barrels "will be an acceleration into the next several months of a sale of oil that Congress had previously authorised."
Biden "stands ready to take additional action" if necessary, according to the White House.
It's predicted that the collective move to release oil from the strategic release will anger OPEC+, which earlier rejected Biden's call to release crude reserves to curtail rising prices.
Biden's decision comes as gasoline prices in the United States are soaring, averaging about $3.40 a gallon, more than double what it was a year ago, according to the American Automobile Association.