US Energy Envoy Says, Joe Biden is Ready to Release More Oil Reserves to Cool Markets

Jennifer Granholm, energy secretary of the United States said, the United States emergency oil reserve has been a tool, which is available to the US government for addressing the unusual short-term mismatches between the demand and supply of oil as the government of the United States is looking to move to the less volatile sources of energy, and Jennifer Granholm also said, it has been good to know that, it is available for these purposes.

Joe Biden, president of the United States said, the country will be releasing 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) of the United States, which has been marking the first time in around two decades that, a president has used the oil kept in reserves in an effort for decreasing the prices of the oil other than tackling the disruption in the supply of the oils.

Around 32 million barrels of oil from the release are going to be in the form of a loan, which the oil companies are going to repay back to the stockpile, and the remaining barrels are going to be offered in an acceleration of the sales that had already been approved by the government of the country.

Jennifer Granholm said, they are having the authority that is inherent for being able to do such type of exchanges as well as sales in a very methodical and thoughtful way for decreasing the prices across the nation.