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Biden: More measures are needed to address high energy prices

US President Joe Biden expressed today, Wednesday, the need for more measures due to the rise in energy prices, stressing that he does not accept that Americans pay more money in exchange for these high prices. Among the recent measures taken, the release of part of the strategic reserves of US crude.

The United States reduced its strategic petroleum stockpile by 3.2 million barrels last week to 606.15 million barrels, the lowest level since 2003.

The US Energy Information Administration reported that gasoline stocks fell last week to 212 million barrels, the lowest level since November 2017, while distillate stocks fell last week to 123.7 million barrels, the lowest level since April 2020.

Oil prices fell, on Wednesday, as investors assessed the possibility that the Biden administration would exploit emergency reserves, in a coordinated move with countries such as China, and a mixed report on US stocks. To $ 81.43 a barrel, in the latest trading, while West Texas Intermediate crude contracts fell by $ 79.76, to record $ 79.76

Biden had discussed the advantages of withdrawing oil from the Strategic Petroleum Reserve to stop the rise in gasoline prices. The United States has raised a possible release of reserves from China during this week’s virtual summit with President Xi Jinping, the South China Morning Post reported, citing an anonymous source. She said Beijing was open to the request but did not adhere to specific measures.

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