America: Biden announces to reduce gas prices, decision taken in view of mid-term elections

Washington. US President Joe Biden has announced the release of 15 million barrels of oil from the United States strategic reserve, in response to the recent production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC+). Ahead of the crucial mid-term election in the US, Biden has announced a series of measures to reduce gas prices. The middle class is being affected by the increase in gas prices. Biden has blamed Russian President Vladimir Putin for the price hike.

Biden said the Energy Department would release another 15 million barrels from petroleum reserves, which would exceed the previously announced oil supply for the month of December. He said independent analysts have confirmed that the reduction in oil reserves so far has played a big role in bringing down oil prices. Therefore, we will continue to use that national asset responsibly. “With my announcement today, we will continue to stabilize markets and reduce prices at a time when actions by other countries have created such volatility,” he said.

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According to the PTI report, the petroleum reserves are more than half full with about 400 million barrels of oil. He said this is more than enough for any emergency. He said the US needs to responsibly increase oil production, without delaying or delaying the transition to clean energy. He insisted that his administration had not stopped or slowed oil production.

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Tags: America, Joe Biden, Oil to get cheaper, OPEC