President Joe Biden orders release of 50 million barrels from US oil reserves in a coordinated international bid to ease rising energy prices
Biden has scrambled to reshape much of his economic agenda around the issue of inflation, saying that his recently passed $1 trillion infrastructure package will reduce price pressures.
Tuesday's move is aimed at global energy markets, but also at helping Americans cope with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel. "This coordinated action will help us deal with a lack of supply, which in turn helps ease prices," he said.
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