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

Baghdad-INA

President Joe Biden on Tuesday ordered 50 million barrels of oil released from the 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 voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel. Gas prices are at about $3.40 a gallon, more than 50% higher than their price a year ago, according to the American Automobile Association.
 
There was no discernable impact on the price for a benchmark barrel of U.S. crude after the announcement Tuesday. Prices have been up and down all month, and are up less than 1% so far in this holiday shortened week.
 
Biden has scrambled to reshape much of his economic agenda around the issue of inflation, saying that his recently passed $1 trillion infrastructure package will reduce price pressures by making it more efficient and cheaper to transport goods.