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The United States is considering releasing one million barrels of oil every day for several months. Insiders told the Bloomberg News Agency. Biden management hopes this will reduce fuel prices. That seems to have an immediate effect: oil was already cheaper in the US on Thursday.
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According to anonymous sources, a total of 180 million barrels of oil could be extracted from the country’s strategic oil reserves. Earlier, US President Joe Biden pledged 30 million barrels of oil reserves to stabilize the global energy market.
The White House says Biden will announce on Thursday how his administration plans to reduce petrol prices, but has not yet commented on the details. Oil prices have risen sharply since the war in Ukraine.
The oil is instantly cheaper
Oil prices have fallen by about 5 percent in a matter of minutes, as prices have risen in recent days following the leak of projects. A barrel of North Sea type Brent oil – which sets the price at the pump with us – is down 4.5 percent to $ 108.30. US WTI oil fell 5.6 percent to $ 101.83 a barrel. It is not yet clear whether this will immediately affect pump prices here.
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