Biden announces huge release of oil reserves; avers 'to control Putin tailored price hike'

Amid the unprecedented soaring of oil prices, US President Joe Biden, on June 4, announced the release of oil from global oil reserves. While announcing the latest measure, he said that it would help the oil prices to get down, which have been continuously increasing since the onset of Russia's invasion. POTUS Biden, who took to the microblogging site on Saturday evening (Indian time), claimed that the release is the largest in history, without mentioning the quantity of the oil that would be released. Also, he did not mention the frequency of the release in his Twitter post.

Check Biden's Twitter post here:

Apart from oil, he has also directed the sale of gasoline using homegrown biofuels this summer. "I led the world to coordinate the largest release from global oil reserves in history, directed the sale of gasoline using homegrown biofuels this summer, and more," read the lines of his Twitter post. Further, he mentioned that the "unprecedented" release of oil will help Putin's tailored price hike to come under control. "These actions have already helped to blunt what would have been an even larger Putin Price Hike," he added. 

Biden's latest order aims to control continuous US fuel price hike

Earlier in March, Biden ordered a similar release of oil from US's reserves in an effort to bring down soaring fuel costs. At that time, he had claimed that the release would help in controlling the fuel price and inflation simultaneously. However, the claims did not solve the energy crisis in the US or the whole world. Notably, the prices of crude oil have been increasing since the onset of the war. The situation further deteriorated in European countries after the European Union announced their plan to minimise its dependency on Russian energy. It is worth mentioning that the United States Strategic Petroleum Reserve was created following the energy crisis in the 1970s. Currently, the storage caverns are located in salt domes along the Gulf Coast in Texas and Louisiana.

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