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The US announced a plan to release 180 million barrels of oil per day within the next 6 months

Thai Thanh – Cong Tung (TV reporter in the US)Friday, April 1, 2022 17:03 GMT+7

The US is expected to release 180 million barrels of strategic oil to cool down oil prices. Photo: Getty

The announcement to release 1 million barrels of oil a day is part of the Washington government’s effort to bring down gasoline prices, which have skyrocketed and have peaked in recent months. Biden said the next step for the US would be to push oil companies to increase supply. According to the Department of Energy, Americans use 21 million barrels of oil per day, accounting for one-fifth of total global oil consumption.

US President Joe Biden said: “We have coordinated this liberation with our allies and partners around the world. We are committed to exporting tens of millions of barrels of oil to the market with other countries.”

The US is producing an average of 11.7 million barrels per day, down from 13 million barrels at the beginning of 2020. According to the Department of Energy, as of March 25, the US national strategic oil stockpile has more than 568 million barrels. Before that, right after the outbreak of the Russian-Ukrainian military conflict, the US released another 30 million barrels from the strategic reserve.

To increase domestic oil production, the Biden administration is calling on Congress to impose financial penalties on oil and gas companies that lease public land but do not produce. In the longer term, Washington is encouraging the extraction of minerals important for batteries in electric vehicles, part of a larger effort to shift to cleaner energy sources and reduce fossil fuel use.

Immediately after it was announced that the reserve oil valve would be opened soon, the price of US crude oil (WTI) futures dropped sharply. Closing the session on the New York Mercantile Exchange, this oil fell to approximately 100 USD/barrel, the North Sea Brent oil price also fell over 5%.

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