The White House on Tuesday announced a coordinated release of millions of barrels of oil from strategic reserves in several countries to reduce energy costs.
According to a White House statement, the US Department of Energy will provide 50 million barrels of oil.
China, India, Japan, South Korea and the UK are also participating. The statement did not specify how much oil each of those countries would release.
“American consumers are feeling the effects of increased gas prices at the pump and on their home heating bills, and so are American businesses, as oil supply has not kept pace with demand as the global economy continues to grow,” the White House said. emerges from.” said. “So President Biden is using every tool available to him to drive down prices and address the supply crunch.”
The Biden administration is also looking at potential price manipulation in the oil and gas markets, along with an investigation by the Federal Trade Commission.