Biden orders release of 50 mln barrels from US strategic oil reserves

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AFP

Washington (AFP) – President Joe Biden announced Tuesday he has ordered the release of 50 million barrels of oil from the US strategic reserves in a coordinated attempt with other countries to tamp down soaring fuel prices. “This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom,” the White House said. The US reserves, held in underground depots in Texas and Louisiana, are the largest emergency supply of oil in the world. A senior administration official said the releases would start in mid- to la…

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