Will ‘largest’ release of US oil reserves bring prices down?
From: Counting the Cost
President Joe Biden orders ‘unprecedented’ release of US oil reserves.
Gasoline prices have risen sharply since Russia invaded Ukraine, and Americans are feeling the pinch at the pump.
With mid-term elections just months away, United States President Joe Biden is under growing pressure to bring down high energy prices. And he is attempting to do that by increasing supply.
The president has ordered the release of at least 180 million barrels of oil from the US’s strategic reserves over the next six months; that’s the largest release of oil reserves since the country’s stockpile was created more than 46 years ago.
Elsewhere, we look at India, which is imposing a tax on cryptocurrency profits.
