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Biden to release 50m barrels of oil in effort to bring down rising Prices

Ahead of one of the busiest travel holidays of the year thanksgiving U.S president Joe Biden announced the release of 50 million barrels of crude oil from america’s emergency stockpile known as the strategic petroleum reserve.

The big part of the of the reason americans are facing high gas prices is because oil producing countries and large companies have not ramped up the supply of oil quickly enough to meet the demand the reserve holds a one-month supply at current U.S consumption levels it’s intended for dealing with supply disruptions caused by things like natural disasters not for managing prices but the white house has been under pressure to tap into reserves.

As gas prices continue to rise in the U.S leading to falling approval numbers in recent months for the president the biden administration also says for the first time it has coordinated similar releases from countries like China Japan and South Korea the United kingdom says it will allow oil companies to voluntarily release their reserves to help supply.

Biden is also cracking down on gas companies who have been enjoying lower oil prices in recent weeks but not passing savings on to americans that’s why they asked the federal trade commission to consider whether potentially illegal on anti-competitive behavior in the oil and gas industry is causing higher prices for consumers the biden administration touts clean energy as an alternative to costly fossil fuels but the u.s infrastructure is nowhere near ready to achieve that goal.

Effort to combat climate change is not raising the price of gas all eyes will now be on opec plus countries which includes saudi arabia other gulf nations and Russia they must decide now how to respond to this latest move there’s a big risk for them if they get the production numbers up too high because they’re not sure what economic underlying economic growth looks like.

A fight for control of the global energy market could now be underway opec plus officials warned of a potential response if president biden and other world leaders tapped into their reserves opec plus is scheduled to meet next week.

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