United States to release 30 mn barrels of OIl

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United States to release 30 mn barrels of OIl
02 Mar 2022
7 min read

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News Synopsis

Amid the ongoing war between Russia and Ukraine, the prices of Crude Oil have skyrocketed globally. Currently, the price of crude oil is trading around $110 per barrel. The President of the United States (POTUS) Joe Biden said that his government has worked with 30 other countries to release 30 million barrels of oil from its reserves to maintain the crude oil prices in the international market. He in his State of the Union address said: "Tonight, I can announce that the United States has worked with 30 other countries to release 60 million barrels of oil from reserves around the world. America will lead that effort, releasing 30 million barrels from our own Strategic Petroleum Reserve. And we stand ready to do more if necessary, unified with our allies. These steps will help blunt gas prices here at home. And I know the news about what's happening can seem alarming. But I want you to know that we are going to be okay.” President Biden said he will also fight the inflation by implementing cost cutting policies. President Joe Biden further added: "Lowering your costs also means demanding more competition. I'm a capitalist, but capitalism without competition isn't capitalism. It's exploitation-and it drives up prices.”

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