The United States is the latest in a string of countries to announce that it will begin using oil reserves in a bid to tackle an ongoing energy and petrol crisis
America will release 50 million barrels from its supply bank… bringing it in line with China, India, Japan, South Korea and the UK.
Happening Now: President Biden delivers remarks on the economy and lowering prices for the American people. https://t.co/eoQ2eEgjTw
— The White House (@WhiteHouse) November 23, 2021
This follows US President Joe Biden calling on the Opec group of oil-producing nations to boost output and supply, but Opec has continued to only increase production gradually.
The group says it is concerned that a further spike in global coronavirus infections could result in another decrease in demand, which was seen at the beginning of the pandemic.
Crude oil prices have reached a seven-year high – sparked by a sharp uptick in global demand.
In a statement, the White House says, “President Biden is using every tool available to him to work to lower prices and address the lack of supply.”
