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U.S. and Other Nations to Tap Oil Reserves in Attempt to Lower Consumer Fuel Prices

HeadlineNov 24, 2021

President Biden announced the U.S. will tap into its strategic oil reserves in hopes of reducing energy prices. The U.S. will release 50 million barrels of crude oil. Biden spoke Tuesday.

President Joe Biden: “It will take time, but before long you should see the price of gas drop where you fill up your tank. … And in the longer term, we will reduce our reliance on oil as we shift to clean energy. But right now I will do what needs to be done to reduce the price you pay at the pump.”

Britain, China, India, Japan and South Korea will also authorize the release of oil. Climate groups condemned the move, which comes less than two weeks after the U.N.’s global climate summit.

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