Joe Biden’s decision to unleash a torrent of crude from the emergency US reserve is a gamble that he can tame petrol prices in time for November’s midterm elections. But it is also an acknowledgment that American allies in the Persian Gulf are not about to help him out.
US President Joe Biden’s decision to dump crude oil from the US emergency stockpile is a bet that he can get gasoline prices under control in time for the midterm elections in November. But the move also amounted to an acknowledgment that America’s allies in the Persian Gulf were not about to help him out.
The president on Thursday ordered the release of an “unprecedented” 180mn barrels of crude from the US strategic petroleum reserve in an attempt to offset supply disruptions triggered by Russia’s invasion of Ukraine and push down fuel prices for American motorists.
The president on Thursday ordered the release of an “unprecedented” 180 million barrels of crude from the U.S. Strategic Petroleum Reserve in an attempt to ease supply disruptions sparked by Russia’s invasion of Ukraine and drive down fuel prices for U.S. motorists.