Joe Biden to Release of Oil From Strategic Petroleum Reserve

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Joe Biden to Release of Oil From Strategic Petroleum Reserve
23 Nov 2021
4 min read

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News Synopsis

The president of the United States of America, Joe Biden is planning to release oil from its nation's Strategic Petroleum Reserve. It is partnering up with India, South Korea, and Japan. China has also been proposed in this partnership, responding to which China has said to participate in the response of the joint sale. This step is being taken to control the increase in the prices of petroleum. Through this, it is being said by petroleum supplying institutions like OPEC to keep the price in a restrained state. Many countries have been facing inflation due to which the hike in the prices of petroleum has also been seen, which is affecting the common people as well as many institutions.

TWN Opinion