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Biden to tap into oil reserves in bid to stabilize prices
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Biden to tap into oil reserves in bid to stabilize prices

US to release oil reserves to check prices. US to release 50 million barrels of oil.

Where: Washington, DC

The Facts

On Tuesday, President Joe Biden ordered that 50 million barrels of oil be released from America’s strategic reserves.

The President’s order aims to regulate gasoline prices and other costs ahead of Thanksgiving and winter holiday travel.

After a course of months of diplomatic negotiations, China, Japan, India, South Korea, and the UK will join Biden’s initiative, said a White House statement.

According to the American Automobile Association, gasoline prices currently stand at $3.40 a gallon, over 50% higher than last year.

The International Energy Agency said, “We recognize that the rise in oil prices is placing a burden on consumers and has added to inflationary pressures during a period when the economic recovery remains uneven and faces a range of risks.”

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