The United States and other countries, in a coordinated initiative, which was described as unprecedented by a US official, will use their strategic oil reserves in an effort to reduce the price of black gold, the White House announced today.
The world’s largest economic power, the United States, will release 50 million barrels of oil from its strategic reserves, which will be available in mid-December, according to a statement issued by the White House.
By increasing supply, the US and other countries hope to mechanically reduce prices.
The release of the oil will take the form of a loan and sale, and will be coordinated with other countries that are among the major consumers of black gold, in particular China, India, Japan, South Korea or even Britain, according to the White House. .
A senior US government official said this was the first time such a concerted action had been taken.
Rising fuel prices in the United States, where a very large amount of gasoline is consumed, create a major political problem for President Joe Biden.
Efforts to put pressure on oil-producing countries, especially Saudi Arabia, to increase their supply have so far been unsuccessful.
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