US will release of 30 mn barrels of oil to maintain global prices: Biden

Washington: US President Joe Biden announced that his administration has worked with 30 other countries to release millions of barrels of oil from American strategic reserves to maintain the global oil prices in the midst of a Russian invasion of Ukraine.

In his maiden State of the Union Address on Tuesday, Biden said his administration was taking robust action to make sure the pain of the US sanctions is targeted at Russia's economy.

He vowed that his administration will use every tool at its disposal to protect American businesses and consumers.

To all Americans, I will be honest with you, as I've always promised. A Russian dictator, invading a foreign country, has costs around the world, Biden said.

Tonight, I can announce that the United States has worked with 30 other countries to release 60 million barrels of oil from reserves around the world. America will lead that effort, releasing 30 million barrels from our own Strategic Petroleum Reserve. And we stand ready to do more if necessary, unified with our allies, Biden said.

These steps will help blunt gas prices here at home. And I know the news about what's happening can seem alarming. But I want you to know that we are going to be okay, he said, assuring his countrymen that he would ensure that inflation remains under control.

Biden said his plan to fight inflation will lower the costs and lower the deficit. The US president said 17 Nobel laureates in economics say his plan will ease long-term inflationary pressures and top business leaders and most Americans support his plan.