December 2, 2022

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The United States is selling 18 million barrels of oil reserves to reduce petrol prices

The United States is selling 18 million barrels of oil reserves to reduce petrol prices

The U.S. Department of Energy said on Friday that it would sell 18 million barrels of crude oil from a strategic reserve on December 17 as part of an earlier plan to reduce petrol prices.
The administration of President Joe Biden announced last month that it would release about 50 million barrels of its reserves in conjunction with other consuming countries, including China, India and South Korea, to address high fuel prices.
While the president has some tools to combat crude oil prices, the White House is trying to address Americans’ concerns about rising global fuel prices and inflation, which are affected by a number of factors.
Oil prices soared to more than $ 86 a barrel at the end of October for seven years due to rising global fuel demand, but fell 13 percent after the US announcement and exposure to the new Omicron strain. Corona virus that undermines travel around the world.
The benchmark Brent index closed at $ 75.15 a barrel on Friday.
According to the American Automobile Association, the average U.S. retail price of gasoline is $ 3.33 a gallon, the lowest since mid-October. It rose to $ 3.42 a gallon in early November.
The United States has nearly 600 million barrels of crude oil in giant caves in Texas and Louisiana. Its current balance is the lowest since 2003.
(Reuters)

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