The U.S. and China have released their strategic oil reserves
Japan, India, South Korea, and the United Kingdom followed them, also tapping their reserves. This is done as part of the fight against the rising price of oil worldwide. In addition, the U.S. continues to put pressure on OPEC countries in order to increase oil production.
According to the White House press service, on Tuesday, November 23, the Department of Energy launched the sale of 50 million barrels of oil. This is supposed to reduce the high demand for petroleum products inside the country. Future plans are to rebuild the resource's reserves when market prices become more stable.
Another country to join the U.S. president's call is China. During a briefing, Zhao Lijian, Chinese Foreign Ministry spokesperson, remarked that the country would also release crude oil from state reserves. Still, he didn't specify whether the release would be conducted jointly with the U.S. Previously, it was reported that Joe Biden had personally asked Chinese President Xi Jinping to tap a strategic reserve.
But even so, in the U.S., there is growing evidence that a drop in the oil price is not lowering the cost of gasoline. That's why U.S. President Joe Biden last week asked the Federal Trade Commission to examine the oil and gas markets closely and determine "whether illegal conduct is costing families at the pump."