US GOVERNMENT HAS RELEASED OIL FROM RESERVE

The devastating impact of the pandemic has changed the world. Inflation has been increased, which made even the basic essential purchase problematic for middle class of Americans and other Nations as well. Seeing this situation US has released 50 million barrels of Petroleum from strategic oil reserves to cut the price of oil in coordination with three major energy consuming Nations including China, India and the UK. The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events.

 Maintained by the Energy Department, the reserves are stored in caverns created in salt domes along the Texas and Louisiana Gulf Coasts. TheAs we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price,” Energy Secretary Jennifer Granholm said in a statement. “This action underscores the president’s commitment to using the tools available to bring down costs for working families and to continue our economic recovery.”

The Biden administration has argued that the supply of oil has not kept pace with demand as the global economy emerged from the pandemic, and the reserve is the right tool to help ease the problem.

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