Bloomberg: US explores possibility of lowering fuel prices with the help of stocks from strat reserve
WASHINGTON, September 8 – RIA Novosti. The US is exploring ways to extract additional oil from strategic reserves to reduce rising fuel prices. informs Bloomberg cites sources.
“The administration of US President Joe Biden is exploring ways to reduce the rise in oil prices this year, including the possibility of releasing additional volumes from the country’s strategic reserves,” the statement said.
According to the interlocutors of the agency, oil prices may rise in December after Europe rejects Russian energy carriers, which will lead to an additional increase in demand on the world market and an increase in prices.
If it is decided to use strategic reserves, it can be done in November, December and January.
In March, Biden announced that he would extract 180 million barrels of oil from the country’s strategic reserves within six months to lower fuel prices. Supporting Washington’s decision, partners at the IEA agreed to allocate an additional 60 million barrels. In June of this year, the volume of strategic oil reserves in the United States fell to a record low of 538 million barrels.
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