As oil prices soar around the world, the US is releasing 50 million barrels of its strategic oil reserve, the Associated Press and Reuters reported.
The White House said in a statement that President Joe Biden had ordered the release of 50 million barrels of oil to keep oil prices down.
A senior US administration official said the move coincided with the release of oil stockpiles from China, India, South Korea, Japan and the UK.
He added that the move is the first time the United States has coordinated with other major oil consumers to decide to release its oil reserves.
Of the 50 million barrels, 32 million will be released by the Department of Energy over the next few months and restocked over the next few years, the White House said.
The remaining 18 million barrels will be released as part of the oil previously approved for sale by Congress.
Emissions by country were not disclosed, but a senior government official said earlier that India plans to release 5 million barrels of oil from its stockpile at the request of the United States.
According to the National Automobile Association, the average price of unleaded gasoline across the United States as of the 21st local time was $3.409 per gallon, the highest in seven years.
The United States is said to have the world’s largest strategic oil reserve of 727 million barrels.
This is enough for 90 days of consumption in the United States.