Biden stated that the release of some oil from reserves reduced the cost of gasoline in the U.S.
The U.S. administration’s decision to release some oil from its strategic reserves in coordination with other states has helped reduce the cost of gasoline on the U.S. market. This opinion was expressed by U.S. President Joe Biden, speaking at the White House with a speech on the economic situation in the country.
As he said, a few months ago, “oil production did not keep up with demand in light of the fact that the world economy has rebounded. According to Biden, this was causing a significant increase in the cost of gasoline in the United States. “That’s why I worked with international partners to get oil out of our and their strategic reserves in coordination. Now gasoline prices are coming down,” he noted. As Biden pointed out, “In 21 states, gasoline prices are now at average levels. This is good news for consumers,” he added.
In late November, the White House announced Biden’s decision to release 50 million barrels of oil from strategic reserves. U.S. officials said this would balance supply and demand in the market after the pandemic coronavirus. Biden stressed that it would not “solve the problem of high gasoline costs instantly,” but over time, “changes will follow.”