WASHINGTON: U.S. President Joe Biden announced Tuesday he has ordered to China, Japan release oil, gas reserves immediately.
This release will be taken in Announcement is in parallel with other major energy consuming nations, including China, India, Japan, Republic of Korea, and the United Kingdom "Joe Biden"
The United States will release 50 million barrels of crude in an effort to bring down gas prices. India quickly announced it would also release 5 million barrels.
US President Joe Biden on Tuesday announced that the US would release some 50 million barrels of crude oil from the nation's Strategic Petroleum Reserve in an effort to bring down prices for gasoline and halt rising inflation.
The White House said the move, which will see oil released in the form of loans and sales, was coordinated with the governments of China, Japan, South Korea, the UK and India.
Today I'm announcing action to lower the cost of gas and oil for American families.— President Biden (@POTUS) November 23, 2021
The Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas and oil prices for Americans.
Shortly after the US announcement, India, too, said it would release 5 million barrels from its own strategic reserve.