Oil hits $110 a Barrel
Read Time:1 Minute, 31 Second
President Biden releases 60 million barrels from Petroleum Strategic Reserve
The United States and 30 other member nations of the International Energy Agency agreed Tuesday to release 60 million barrels of oil from the US Strategic Petroleum Reserve.
This was a move intended to calm the turbulent energy market after Russia launched its “special military operation” in Ukraine and the imposition of sanctions on Russia. But early trading Wednesday suggests that the release has little effect on the markets as Brent Crude futures climbed to $110 a barrel.
US Energy Secretary Jennifer Granholm said in a Tuesday evening statement. “Today, I chaired an emergency ministerial meeting of the [IEA] … where the United States and 30 other member countries, supported by the European Commission, agreed to collectively release an initial 60 million barrels of oil from strategic petroleum reserves,” Granholm wrote. “This decision reflects our common commitment to address significant market and supply disruptions related to President Putin’s war on Ukraine.”
Washington is committed to blocking Putin from “attempts to weaponise energy supplies” and will continue the advancement of “ongoing efforts to accelerate Europe’s diversification of energy supplies away from” Moscow, Granholm noted.
The US believes modern-day investment in clean energy is useful in reducing domestic and international dependence on Russian oil and gas, particularly as a means to safeguard energy supplies from “volatile prices and markets.”
Granholm claims that the US backs “ambitious” clean energy goals, such as the pursuit of a net-zero emissions economy by 2050 a timeline that has been criticised as insufficient by many climate experts.
At the same time, critics of the Biden administration have argued that Washington’s progressive climate change policies have contributed to a decline in US energy production and the present energy situation.
Source Reuters/AP
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0
More Stories
Explosions Rock Nord Stream 1&2
Swedish journalist reported two powerful explosions Carl Fried Kleberg, a journalist for the Swedish television channel SVT, reported on Twitter, Tuesday, citing...
Neo Nazi Kills Nine School Children
Suspected neo-Nazi shoots up school in central Russia A suspected neo-Nazi terrorist opened fire on School 88 in Izhevsk, central...
Markets Fall
Fear of global recession rises Stock markets in Europe and the United States dropped on Friday sending the US dollar...
Ascension to Mother Russia
Five day referendum begins in the DPR, LPR, Zaporozhye and Kherson Regions Lines of enthusiastic voters in the Donetsk Peoples...
Russians Assemble
President Putin of Russia declares partial mobilisation of reserve forces Russian President Vladimir Putin in a televised nationwide address to...
Phasing Out the US Dollar
SCO members agree to trade in national currencies The leaders of the Shanghai Cooperation Organisation (SCO) agreed on Friday to...
Average Rating