US to release oil reserves with other nations

The United States will release some of its petroleum reserves to the market to help curb rising oil prices.

In a statement on Tuesday, the White House said the move is in parallel with other major energy consuming nations, including China, India, Japan, South Korea and the United Kingdom. US senior officials say this will be the first time ever for such a coordinated oil release to be undertaken.

The statement says the US will make 50 million barrels available over the next several months.

And it says President Biden is ready to take additional action, if needed.

Some analysts expect crude oil prices will remain high after the Organization of the Petroleum Exporting Countries, plus major non-members such as Russia, decided against raising output in December.

Gasoline prices in the US are at a seven-year high, and consumer prices have risen at the fastest pace in three decades.

Approval ratings for President Joe Biden are at their lowest level since he took office. It is believed the release of petroleum reserves is an attempt to show that his administration is working to alleviate the impact on people's lives.