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Biden Announces Huge Release Of Oil Reserves, Avers ‘to Control Putin Tailored Price Hike’
(CTN News) – US President Joe Biden, on June 4, announced the release of oil from global reserves amid the unprecedented soaring of oil prices. In announcing the latest measure, he said it would help to lower oil prices, which have been steadily rising since Russia invaded. Taking to Twitter on Saturday night (Indian time), US President claimed that the release would be the largest in history without specifying how much oil would be released. Furthermore, he did not mention the frequency of the releases in his Twitter post.
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Check Biden’s Twitter post here:
Biden’s Tweet
In addition to oil, he has directed the sale of gasoline made from homegrown biofuels this summer. According to his tweet, he coordinated the largest release of oil reserves in history and directed the sale of gasoline using biofuels grown on his farm this summer. The “unprecedented” oil release will also help to control Putin’s price hike. In his words, these actions have already helped mitigate an even greater price hike from Putin.
Biden’s latest order aims to control continuous US fuel price hike
In March, Biden ordered a similar release of oil from US reserves to bring down soaring fuel prices. At that time, he claimed that the release would help control fuel prices and inflation simultaneously. However, the claims did not solve the US or world energy crisis. Since the beginning of the war, crude oil prices have been increasing. As a result of the European Union’s plan to minimize its dependence on Russian energy, the situation in European countries became even worse. In the 1970s, the United States Strategic Petroleum Reserve was created in response to the energy crisis. Currently, the caverns are found in salt domes along the Gulf Coast in Texas and Louisiana.
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