US To Release Oil Reserves , To Lower Gas Prices.
On Nov.
23, President Biden said the Strategic Petroleum Reserve will be tapped in coordination with other countries in an attempt to lower fuel prices.
.
On Nov.
23, President Biden said the Strategic Petroleum Reserve will be tapped in coordination with other countries in an attempt to lower fuel prices.
.
Other countries to participate include China, India, Japan, Republic of Korea and the U.K. This is the first time such a move has been implemented.
CNBC reports that America will release 50 million barrels of oil.
32 million of those barrels will be exchanged over several months, .
And 18 million will go toward completing a previously-authorized sale.
The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic, White House, via statement.
According to AAA, on Nov.
22, the national average for a gallon of gas was $3.409.
One year ago, it was $2.11.
According to AAA, on Nov.
22, the national average for a gallon of gas was $3.409.
One year ago, it was $2.11.
John Kilduff, partner at Again Capital said, "this is a well-timed move to try and lower oil prices.".
This added supply should help to bridge the production shortfall ahead of winter, especially if we get confirmation of meaningful supply, as well, from several of the major Asian consuming nations, John Kilduff, partner at Again Capital, via CNBC