The administration of American President Joe Biden said it would release 50 million barrels of oil from the United States emergency oil supply.It said the move was done in partnership with China, India, South Korea, Japan and Britain to bring down oil prices.The U.S. Strategic Petroleum Reserve is an emergency supply of oil in case of natural disasters, national security incidents and other events.It is maintained by the Energy Department.It is estimated that there are about 605 million barrels of oil in the reserve.The release is meant to lower fuel costs and serve as a warning to the Organization of Petroleum Exporting Countries (OPEC).OPEC is a group of 15 mostly Persian Gulf countries.The U.S. and other major oil users believe high prices could slow the global economy's recovery from the pandemic.The move is also aimed at U.S. voters who are dealing with high inflation and rising gas prices ahead of winter holiday travel.
