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Fighting gas prices, US to release 50 million barrels of oil
Nov 23, 2021 1 min, 32 secs
WASHINGTON (AP) — President Joe Biden on Tuesday ordered 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including India, the United Kingdom and China.

announcement, India said it would release 5 million barrels from its strategic reserves.

And the British government confirmed it will release up to 1.5 million barrels from its stockpile.

Senate Republican Leader Mitch McConnell tore into the White House in a floor speech last week, saying the victims of higher prices were middle class Americans.

Americans used an average of 20.7 million barrels a day during September, according to the Energy Information Administration.

Energy Information Administration figures indicate that domestic production is averaging roughly 11 million barrels daily, down from 12.8 million before the pandemic started.

Republicans have also seized on Biden’s efforts to minimize drilling and support renewable energy as a reason for the decreased production, though there are multiple market dynamics at play as fossil fuel prices are higher around the world.

“Of course, the only long term solution to rising gas prices is to continue our march to eliminate our dependence on fossil fuels and create a robust green energy economy,” Senate Democratic Leader Chuck Schumer said in support of the release.

Biden and China President Xi Jinping talked over steps to counter tight petroleum supplies in their virtual meeting earlier this month, when the two “discussed the importance of taking measures to address global energy supplies,” according to the White House account of the conversation.

Administration officials say it’s the biggest coordinated release from global strategic reserves.

Department of Energy will make the oil available from the Strategic Petroleum Reserve in two ways; 32 million barrels will be released in the next few months and will return to the reserve in the years ahead, the White House said.

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