• Angel Bermudez (@angelbermudez)
  • BBC News World

Image source, Getty Images

Caption,

BIden assured that his objective is to show the difference in the price of gasoline.

The United States government announced on Tuesday that it will release 50 million barrels of oil from its “strategic reserves” to face the increase in the price of gasoline, which is affecting the pocket of citizens.

This is a concerted move that is not limited to the United States. The Joe Biden government managed to persuade other large economies such as China, Japan, the United Kingdom, India and South Korea to also release part of their strategic reserves and thus help increase supply in the oil market.

During the last year and a half, the flow of oil has been restricted by the effects of an agreement between the OPEC countries and other major producers such as Russia that have sought to keep the market under control in order to prop up prices.

The United States has tried in vain to convince OPEC members about the advisability of increasing the supply of oil in a more accelerated way to respond to the recovery of the world economy after the impact of the pandemic, but these producers have opted for a gradual and limited increase.

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