US to Release 50 million Barrels of Oil for Decreasing Costs of Energy

Power & Energy

On Tuesday, 24th November 2021, Joe Biden, President of the United States of America has ordered that, 50 million barrels of the oil that has been released from the strategic reserve for the purpose of providing help in bringing down the costs of the energy in coordination with several other major energy consuming countries that mainly includes India, Chin and the United Kingdom.

This move of the US Government has been aiming at the global energy markets, but it is also aiming at the voters, who have been coping with the increasing prices and high inflation ahead of the thanks giving and also the travel during the winter holidays.

The prices of the gas in the United States are at around 3.40 dollar par gallon, which has been more than double the prices a year ago, and Joe Biden has also been scrambling to for modifying the majority of his economic agenda around the problem of the inflation, by saying that, Joe Biden’s recently passed 1 trillion dollar infrastructure package is going to be decreasing the pressures of the prices by making it more cheap and efficient for transporting the goods.

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The lawmakers of the Republic party has been criticizing the administration for the inflation that has been hitting a high of 31 years in the month of October 2021. Mitch McConnell, leader of Senate Republican has torn into the administration of Joe Biden over the inflation by saying that, the victims of these higher prices had been the middle class people of the United States.


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