President Biden is attempting to relieve stress at the gas pumps as prices continue to increase.
According to CBS, Biden plans on ordering oil released from the Strategic Petroleum Reserve in hopes of keeping the price of crude oil low. It’s part of a plan with other countries, including China, India, Japan, and South Korea, to ease the global spike in oil prices.
If reserves in all those countries are released, it sets up a battle between them and OPEC to control fuel prices. OPEC had planned a gradual increase in production and release and now may reconsider that.
The U.S. fuel reserve could be released as early as today.
It shocks me how much power the OPEC has over every country. I’m proud to see that the world of nations is teaming together to combat high fuel prices.
Source: CBS News