loading…
An oil refinery is seen at Marathon Petroleums Los Angeles Refinery, Carson, California, March 11, 2022. Photo/REUTERS
That means that the total oil reserves released are almost 182 million barrels in the next six months.
US President Joe Biden says 30 countries have joined the US in releasing their oil reserves.
Also read: Australia Sends Armored Troop Carrier to Ukraine
“This morning, more than 30 countries from around the world gathered for an extraordinary meeting and agreed to release tens of millions of additional barrels of oil into the market,” Biden said in a speech from the White House on Friday (1/4/2022).
Also read: Ukraine attacks fuel depot in Belgorod Russia, 2 injured
On Thursday, the White House announced that the US would begin releasing one million barrels of oil per day from the Strategic Petroleum Reserve (its capacity is estimated at 727 million barrels) to lower fuel prices.
Also read: Failed to warn of Ukraine war, French military intelligence boss reportedly resigns
The White House also said it would impose a fee on US energy companies sitting in idle oil wells.
–
