US to release 50 million barrels of oil from strategic reserve | Inside Story
Will tapping into emergency oil reserves ease US petrol prices?
President Joe Biden orders the release of 50 million barrels of oil from the country’s strategic reserve.
It is a rare move that President Joe Biden hopes will help ease United States petrol prices and reduce inflation that has hit a 31-year high.
He has ordered the release of 50 million barrels of oil from the country’s Strategic Petroleum Reserve – that is roughly what the US uses in two and a half days.
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Several other countries have also agreed to use their emergency reserves.
Biden’s critics say it is a temporary fix, with some arguing it is a political move to help his sagging approval ratings.
But the president says there is not enough oil on the market to meet demand – and that is pushing up prices.
He has asked the Organization of Oil Producing Countries Plus (OPEC+) – to increase its output.
Presenter: Rob Matheson
Guests:
Abhi Rajendran – Research director of Energy Intelligence
Cornelia Meyer – Energy analyst and CEO of Meyer Resources
Henning Gloystein – Director of energy, climate and resources at Eurasia Group