US to release 50 million barrels of oil from strategic reserve | Inside Story

Its a rare move, that President Joe Biden hopes will help ease U.S. petrol prices and reduce inflation that have hit a 31-year high.
Hes tapping into the Strategic Petroleum Reserve.
50 million barrels of oil are being released.
Several other countries have also agreed to use their emergency reserves.
Bidens critics say its a temporary fix.
Some argue its a political move to help his sagging approval ratings.
But the president says there isnt enough oil on the market to meet demand - and thats pushing up prices.
Hes asked the Organization of Oil Producing Countries to increase its output.

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TV channel: Al Jazeera English

Published: 2021-11-24

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