Braking Down The News

U.S. Joins With China, Other Nations in Tapping Oil Reserves

Bid to tame high gas prices may not yield lasting results, analysts say

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WASHINGTON—The U.S. and other countries plan to tap their national strategic petroleum reserves in an attempt to bring down gasoline prices that have become a sore spot with motorists and a big contributor to inflation, President Biden said Tuesday.

Mr. Biden predicted that the added supply would lead to lower prices, but wholesale crude prices on financial markets rose after Tuesday’s announcement.

 

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