Title : In Coordination With Other Countries U.S. To Release Oil From Reserves In Bid To Lower Gas Prices
link : In Coordination With Other Countries U.S. To Release Oil From Reserves In Bid To Lower Gas Prices
In Coordination With Other Countries U.S. To Release Oil From Reserves In Bid To Lower Gas Prices
* President Biden is authorizing the release of 50 million barrels of oil from the Strategic Petroleum Reserve in a bid to lower soaring prices at the pumps
* The emergency measure was last used after Hurricane Katrina
* Experts warn the move won't fix surging gas prices in the long term
* India, South Korea and Japan, and China are also involved in the plan
* OPEC+ nations in the Middle East have rebuffed his pleas to pump more oil
* The average price of gasoline recently breached a seven-year high, and now costs $3.409 per gallon, according to AAA
* OPEC+ officials warned in turn they would respond if the world's largest oil consumers tapped their reserves
President Biden is authorizing the release of 50 million barrels of oil from the Strategic Petroleum Reserve in a bid to lower soaring prices Americans are paying at the pumps,
The White House announced on Tuesday. Biden will coordinate with other nations in the coming days to pump oil out of the Strategic Petroleum Reserves, after OPEC+ nations in the Middle East rebuffed his pleas to pump more oil.
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WNU Editor: Cut the pipelines and limit production while discouraging new projects over threats of more taxes and regulation, and use of the reserves that would/could be used during a war or extreme emergency.
Makes perfect sense to this White House. And the sad part is that this release of oil will only impact prices for a few days (if we are lucky).
Bottom line.
The push to $100/barrel in 2022 is going to happen unless current policies are changed.
More News On The U.S. Releasing Oil From Its Strategic Reserves In Bid To Lower Gas Prices
Biden Announces 50 Million Barrels SPR Release To Lower Oil Prices -- OilPrice.com
US to release 50 million barrels of oil to ease energy costs -- AP
U.S. to release oil from reserves after OPEC+ rebuffs call for more crude -- Reuters
U.S. to release oil from reserves in coordination with other countries to lower gas prices -- CNBC
Biden administration to tap oil reserves in bid to tamp down rising gas prices -- NBC News
Biden to release 50M barrels of oil from Strategic Petroleum Reserve amid gas price spike -- FOX News
Biden administration to release 50 million barrels of oil from strategic reserve -- The Hill
U.S. to release 50 million barrels of oil from strategic reserve -- Axios
Biden orders US strategic oil reserves released -- RT
US Announces Coordinated, Global Oil Release Of Up To 50 Million Barrels, As Expected -- Zero Hedge
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