U.S. to release 50 mn barrels of oil to ease soaring prices
The Hindu
‘Coordinated move along with China, India, Japan and U.K.’
President Joe Biden announced on Tuesday he has ordered the release of 50 million barrels of oil from the U.S. strategic reserves in a coordinated attempt with other countries to tamp down soaring fuel prices.
“This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom,” the White House said.
A senior administration official told reporters this was “the first time we’ve done something like this in parallel with other” countries.
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