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In the face of rising fuel prices in America, the Biden administration calls on major oil consumers to use the reserves and accuses companies of manipulation

US sources said that the administration of President Joe Biden asked the major oil consumers in the world to use their strategic reserves to face the unprecedented rise in fuel prices in the United States, at a time when Biden accused oil and gasoline companies of manipulating to keep prices high and harm consumers in his country.

And Reuters news agency quoted US sources as saying that Washington has asked several countries to coordinate withdrawals from strategic oil reserves.

It also quoted one of the sources that in order to convey a message to the Organization of Petroleum Exporting Countries (OPEC), 20 to 30 million barrels of oil reserves must be withdrawn.

American sources also confirmed that President Joe Biden discussed with his Chinese counterpart Xi Jinping the withdrawal of the strategic oil reserves.

In turn, South Korea received a request from the United States that Seoul use its oil reserves, in response to the rise in global prices.

Reuters quoted an official in the Ministry of Industry in South Korea that the ministry is carefully studying the request of the United States, although the use of oil reserves is in the event of an imbalance in supply and not a rise in prices.

Reuters also reported that the Biden administration has asked some oil-consuming countries to release some of their crude oil reserves, in a coordinated effort to lower prices.

The agency quoted that a spokesman for the White House denied any decision to withdraw from the oil reserves.

And earlier this month, the US President said that his administration has ways to deal with high oil prices globally, after the Organization of the Petroleum Exporting Countries and its allies, “OPEC Plus” (OPEC +), rejected US appeals to producers, to pump more crude than already scheduled.

Oil tanks in Oklahoma City, USA (Reuters)

illegal behavior

The US president has called on the Federal Trade Commission to investigate possible illegal behavior of oil and gasoline companies, aimed at keeping gasoline prices high.

Biden said – in a letter to the Federal Trade Commission – that there is increasing evidence of anti-consumer behavior by oil and gasoline companies.

Meanwhile, the US Energy Information Administration said that crude oil inventories in the country fell last week as refineries increased production, and inventories of gasoline and distillates also declined.

And Reuters news agency quoted the US Energy Information Administration as saying that oil stocks in the delivery center in Oklahoma rose by 216,000 barrels, while refinery consumption rose by 31,000 barrels per day.

Gasoline stocks fell by 708,000 barrels, compared to expectations.

Distillate stocks fell, which include diesel and heating oil, and net imports of crude oil fell last week by 490,000 barrels per day.

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Reference-www.aljazeera.net

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