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US, efforts to reduce the price of oil, Biden unlocks 15 million barrels of strategic reserves

2022-10-19 18:20:31Kosova&Bota SHKRUAR NGA REDAKSIA VOX
US, efforts to reduce the price of oil, Biden unlocks 15 million barrels of
Joe Biden

US President Joe Biden announced the unlocking of 15 million barrels of oil from US strategic reserves to "combat rising gasoline prices caused by Putin's war" in Ukraine.

The news was announced by the White House.

"With these 15 million barrels, the historic withdrawal of 180 million barrels announced by President Biden in the spring will be completed," declared the White House.

This is part of the measures that the administration is taking in response to the recent decision of the OPEC+ (Organization of the Petroleum Exporting Countries) countries to reduce oil production.

It is expected that additional oil will be released to the market during the winter period. This is part of the 180 million barrels of oil that President Biden authorized in March to be released from the strategic reserve.

The amount of oil in the strategic reserves has fallen to the lowest level since 1984. There are currently about 400 million barrels of oil in it.

According to the officials, who spoke on condition of anonymity, President Biden will leave open the possibility of withdrawing another amount, to be used during the winter period, in an effort to keep oil prices low. But officials did not give details of what quantity is involved and how much domestic production should be increased in order to put an end to the depletion of strategic reserves.

The US government will resume replenishing reserves when oil prices fall to $67 to $72 per barrel, or below. This, according to administration officials, will support domestic production by guaranteeing a baseline level of demand for oil.

The president also repeated his criticism of the oil companies that are taking advantage of the situation.

This marks another move in the opposite direction to the commitments of President Biden, who has tried to abandon the use of fossil fuels, compensating them with alternative energy sources, after the problems created with the supply due to the Russian attack in Ukraine as well as production cut announced by the Saudi Arabian cartel.

OPEC's 2 million bpd production cut, equivalent to 2% of global supply, has prompted the White House to accuse Saudi Arabia of siding with Russian President Vladimir Putin, and to warn him that will face consequences related to the decision to reduce production.

Releasing 15 million barrels from the strategic reserve would not even cover a full day's worth of oil used in the United States, according to the federal energy statistics agency.

President Biden continues to face political problems due to the price of fuel in the country. According to the American Automobile Association, the price of gasoline averaged $1 per liter, slightly lower than last week, but higher than a month ago. The recent price increase, according to polls, has negatively affected public support for the president and the Democrats ahead of the November elections.


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