Emergency measures: US unsealed oil reserves

Emergency measures: US unsealed oil reserves

Joe Biden’s administration is extremely concerned about high oil prices. Leading exporters refused to follow Washington’s lead, and now the head of the White House is “considering all the available tools.” To curb prices on the domestic market, the Ministry of Energy intends to open strategic reserves. RIA Novosti figured out whether this will help.

Prepare “measures”

Since January, gasoline has risen in price from $ 0.62 to $ 0.83 per liter, updating a seven-year record. Americans blame OPEC + for the price hike. The cartel is now increasing daily production by 400,000 barrels every month, gradually returning to normal after the largest single cut in history last year. However, this is not enough for the United States.

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“The pandemic has affected the supply chain. But if we talk about gasoline, this is a consequence of the fact that Russia and OPEC are refusing to produce more,” says Biden.

“We have an energy crisis,” said Amos Hochstein, a senior US diplomat specializing in energy. “Producers must ensure that oil and gas markets are balanced.”

Emergency measures US unsealed oil reserves
Emergency measures US unsealed oil reserves

Bloomberg sources said the US is “preparing measures against OPEC +.” Citing diplomats and industry insiders, the agency talks about forming the strongest coalition in several years to pressure the cartel.

Source: BBC

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