US to release 50mn barrels of oil to ease energy costs

The National News

US President Joe Biden on Tuesday ordered 50 million barrels of oil released from the strategic reserve to help bring down energy costs, in co-ordination with other major energy consuming nations, including China, India and the UK.

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. Gas prices are at about $3.40 a gallon, more than double their price a year ago, according to the American Automobile Association.

Mr 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.

Republican lawmakers have criticised the administration for inflation hitting a 31-year high in October.

Senate Republican Leader Mitch McConnell tore into the administration over inflation in a floor speech last week, saying the victims of higher prices were middle class Americans.

Read the full story in The National News