Biden White House wades into oil market management with stockpile release

Biden announced on Tuesday the United States will release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve in coordination with stockpile releases from China, India, South Korea, Japan and Britain, to try to cool prices that have reached seven-year highs

WASHINGTON: U.S. President Joe Biden's decision to tap the nation's emergency oil stockpiles marks the first time in two decades that a president has used the reserve to tame energy prices instead of tackle a supply disruption.

The release also marks the first coordinated release with consuming nations outside the auspices of the West's energy watchdog, the International Energy Agency.