US regime to release 50 million barrels of oil to ease energy costs

Source: San Francisco Chronicle

“President Joe Biden on Tuesday ordered 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including China, India and the United Kingdom. The move is aimed at global energy markets, but also at U.S. voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel. … Administration officials said that reports of a possible release and consultations with other countries ahead of the announcement had caused oil prices to drop nearly 10% in anticipation of the news. The government will begin to move barrels into the market in mid to late December. But the actions are unlikely to immediately bring down gas prices significantly as families begin traveling for the holidays.” (11/23/21)

https://www.sfgate.com/news/article/US-to-release-50-million-barrels-of-oil-to-ease-16643848.php