US to sell 10M barrels of oil from strategic reserves to tame rising prices

US plans to sell up to 10 million barrels of crude oil from its strategic reserves to help lower energy costs for American families, the country’s Energy Department announces

The US energy department says with the sale of the last batch, some 165 million barrels of oil would be sold out of a total of 180 million barrels.

The move came after Biden had repeatedly asked OPEC producers to increase the group's collective output to provide additional market supply to lower crude prices. Citing a recent analysis from the US Treasury Department, the US Energy Department said the SPR releases this year, along with coordinated releases from other consuming countries, have reduced gasoline prices by up to about 40 US cents per gallon.READ MORE:Republican Congresswoman Marjorie Taylor Greene criticised the selling of strategic reserves and said she introduced articles of impeachment on US President Joe Biden.

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