WASHINGTON, 24 November 2021, (TON): President Joe Biden announced he “has ordered the release of 50 million barrels of oil from the US strategic reserves in a coordinated attempt with other countries to tamp down soaring fuel prices.

The move is aimed at global energy markets, but also at voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel.

According to the American Automobile Association “gas prices are at about $3.40 a gallon, more than 50% higher than their price a year ago.”

Biden has scrambled to reshape much of his economic agenda around the issue of inflation, saying that his recently passed $1 trillion infrastructure package will reduce price pressures by making it more efficient and cheaper to transport goods.

The White House said “this release will be taken in parallel with other major energy-consuming nations including China, India, Japan, Republic of Korea and the United Kingdom.”

The US reserves, held in underground depots in Texas and Louisiana, are the largest emergency supply of oil in the world.