U.S. taps 50 million barrels of oil from reserves in an attempt to tamper spiking costs at the gas pump.
President Biden’s move to tap the U.S. Strategic Petroleum Reserve is expected to supply Chinese and Indian oil needs as gas demands have led to global shortages, reports said Tuesday.
The White House said the Department of Energy
will release 50 million barrels of oil held in U.S. reserves — 18 million of which have already been congressionally approved for sale.
China and India have been actively purchasing U.S. sour crude oil produced in the Gulf of Mexico, first reported Bloomberg.
Sour crude oil contains high levels of sulfur, which reportedly makes it more expensive to process and traditionally turns buyers away.
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