The United States will release 50 million barrels of strategic oil reserves Energy secretary: Biden's action will cause oil prices to fall by 10%

In the early morning of Wednesday (November 24), Beijing time, US President Joe Biden will speak
on economic and price issues.
Biden said that the US economy still faces challenges, and the epidemic challenge has led to rising prices, and will take action
on problems in the economy.

The United States will release 50 million barrels of strategic oil reserves Energy Secretary: Biden's action will cause oil prices to fall by 10% Open APP Read the latest report

On the issue of oil prices, Biden pointed out that high oil prices are a problem around the world, and oil producing countries are not increasing supply fast
enough.
He said action will be taken on gasoline prices, the release of the Strategic Petroleum Reserve (SPR) will provide the supply we need, and while action will not solve the problem overnight, it will have an impact, and coordinated global action on oil reserves will help solve the problem of
insufficient supply.

Biden also called it unacceptable for gasoline companies to increase revenue, stressing that efforts to combat climate change will not raise gasoline prices
.
He added:

"In the long run, as we switch to renewable energy, we will reduce our dependence
on oil.
"

Biden earlier ordered the release of 50 million barrels of oil from the National Strategic Reserve in an attempt to combat rising gasoline prices
.
He said it was "the largest stockpile release ever" and would "help provide the supplies we need as we recover from the pandemic.
"

During Biden's speech, WTI crude oil futures fell more than $0.
3 in the short term
.

Biden also said that bottlenecks in U.
S.
supply chains are easing after the U.
S.
government took action to improve port operations, promising that Americans will have no trouble sourcing for the holiday season that begins this week, and that "American families can sit back and relax, grocery stores are stocked with turkey and everything they need for Thanksgiving.
"

Later, US Energy Secretary Granholm said that President Biden's actions would cause oil prices to fall by 10%.

He said energy prices are too high, low-income households are hurt the most by rising energy prices, the government is looking for all the tools to help protect households from rising energy prices, and "the situation shows that we have to stop relying on one energy source"
.

U.
S.
Deputy Secretary of Energy Turk said that the release of the Strategic Petroleum Reserve will reduce gasoline prices in the near future, the oil reserve will not be released all at once, it will be completed in a period of time, and President Biden has other means to reduce energy costs
.
Turk said the U.
S.
has 250 fewer oil rigs (higher) in operation, but the U.
S.
is working to boost production for energy companies
.

White House press secretary Jen Psaki was asked if the White House would release the Strategic Petroleum Reserve further, she said that these options were not ruled out, and President Biden was concerned
about all the price increases.