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The United States Is Expected To Release 30 To 35 Million Barrels Of Strategic Oil Storage

The United States Is Expected To Release 30 To 35 Million Barrels Of Strategic Oil Storage

The U.S. political news media "POLITICO" quoted sources on November 22 as reporting that the U.S. government is ready to work with several countries to release strategic oil reserves to suppress the recent rising gasoline prices. The U.S. is expected to release 3,000- Strategic oil storage of 35 million barrels. A White House spokesperson said that a decision has not yet been made on whether to release strategic oil storage, but all dialogues are ongoing, and the government has extensively considered various tools, as well as whether and when to act. US Secretary of Energy Jennifer Granholm has repeatedly stated recently that the probability of releasing strategic oil storage has increased. The increase in retail gasoline prices has had an impact on the public and has also reduced President Biden’s approval rating. President Biden has previously called on the Organization of Petroleum Exporting Countries and its oil-producing allies (OPEC+) to increase the pace of production to reduce oil prices. It has already combated inflation, but OPEC+ still maintains its decision to gradually increase production by 400,000 barrels per day.
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