Will tapping into emergency oil reserves ease US petrol prices?
President Joe Biden orders the release of 50 million barrels of oil from the country’s strategic reserve.
It is a rare move that President Joe Biden hopes will help ease United States petrol prices and reduce inflation that has hit a 31-year high.
He has ordered the release of 50 million barrels of oil from the country’s Strategic Petroleum Reserve – that is roughly what the US uses in two and a half days.
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Several other countries have also agreed to use their emergency reserves.
Biden’s critics say it is a temporary fix, with some arguing it is a political move to help his sagging approval ratings.
But the president says there is not enough oil on the market to meet demand – and that is pushing up prices.
He has asked the Organization of Oil Producing Countries Plus (OPEC+) – to increase its output.
Presenter: Rob Matheson
Guests:
Abhi Rajendran – Research director of Energy Intelligence
Cornelia Meyer – Energy analyst and CEO of Meyer Resources
Henning Gloystein – Director of energy, climate and resources at Eurasia Group
Published On 24 Nov 2021