Donald Trump slams Joe Biden’s decision to release oil from US reserves to lower prices

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President Joe Biden’s decision to withdraw barrels of oil from the country’s strategic reserves was criticized by former U.S. President Donald Trump on Nov. 23, Tuesday, warning that Washington was already at the mercy of OPEC. Biden had earlier announced the release of 50 million barrels of oil from the Strategic Petroleum Reserve (SPR) in partnership with other energy -using countries such as China, India, Japan, South Korea, and the United Kingdom on Tuesday.

“Now I understand that Joe Biden is going to announce an ‘attack’ on the newly saturated Strategic Oil Reserves so he can get close to setting the record high price of artificially lowered oil. We are independent in energy last year, now at the mercy of OPEC, gasoline is sold for $ 7 in parts of California, going up across the country, and they take oil from our Strategic Reserves.Is this any way to run of a Country? ”Trump said in a statement, according to ANI.

Trump recalled that U.S. Strategic Oil Reserves have been low or nearly empty for decades. When oil prices were so low three years ago, I filled them to the brim. Those reserves should only be used in the event of a major emergency, such as a war, Trump said in his opinion, ANI reported.

India will release 5 million barrels of crude oil from the SPR

On Tuesday, the U.S. and five other countries in the world announced a joint effort to dip their national oil reserves in an attempt to lower rising gas prices that have angered consumers around the world. Following Biden’s declaration, India announced that it would release 5 million barrels of crude from its Strategic Petroleum Reserves in partnership with other countries to reduce prices. To stabilize prices, South Korea said it would sell a portion of its oil inventories from its strategic reserves, as proposed by the US. The UK has also announced that 1.5 million barrels of oil from its strategic reserves will be released. Meanwhile, allegations have surfaced that the Japanese government wants to extract enough oil from its strategic stocks to last several days, with the cooperation of some countries to lower the price.

Oil traders appear to be disappointed with the move, as they expect President Biden to announce larger emissions from America’s Strategic Petroleum Reserve, which has 620 million barrels and is the largest in the world. In global trade, the price of a barrel of crude rose after the announcement, however, administration officials said prices could drop in the coming weeks. The United States will remove 50 million barrels from the SPR. Of that total, 32 million barrels will be exchanged in the coming months, while 18 million barrels will be sold earlier than planned.

(With inputs from agencies)

Photo: AP

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