President Biden will announce the release of 50 million barrels of oil from US reserves today in a coordinated effort with other nations

President Biden will announce the release of 50 million barrels of oil from the Strategic Petroleum Reserve today as his administration seeks to combat rising oil and gas prices ahead of the busy holiday travel season.

President Biden will announce the release of 50 million barrels of oil from US reserves today in a coordinated effort with other nations, the White House says.

The U.S. will release 50 million barrels of crude from its Strategic Petroleum Reserve in concert with China, Japan, India and South Korea in a bid to bring down oil prices.

What people are saying?

Anirudh Chatterjee Biden called last week for federal regulators to investigate whether oil and gas companies are engaging in ” illegal conduct ” by profiting from high gas prices that have skyrocketed during the pandemic.

Auntie Ouakam The most important part here is the coordination with other countries, notably China. This is really good, and tells a lot about Biden’s use of diplomatic soft power.