The United States will release 50 million barrels of crude from the U.S. Strategic Petroleum Reserve to help cool oil prices, that will start hitting the market in mid- to late-December, the White House said on Tuesday.
The release, will take the form of a loan and a sale, and was being in made concert with other releases from strategic reserves by China, India, South Korea, Japan and Britain, senior Biden administration officials said.
“Today I’m announcing action to lower the cost of gas and oil for American families. The Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas and oil prices for Americans,” President Biden said in a tweet.
I have been working with countries across the world to address the lack of supply. As a result of our diplomatic efforts, this step will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom.— President Biden (@POTUS) November 23, 2021
It was the first time the United States has coordinated releases with some of the world’s largest oil consumers, the officials said.