The U. S. Oil ETF (NYSE: USO) rose 2. 4% on Tuesday after President Joe Biden announced he would pull oil out of U. S. strategic reserves. USA In an attempt to reduce oil prices. global gas prices.

What happened? The White House said Tuesday that the United States would release 50 million barrels of crude oil from its strategic oil reserve. The resolution is part of a coordinated effort with China, Japan and other energy-consuming countries to combat an immediate cost of energy. Gas costs are lately near seven-year highs.

Why it matters: The oil coordinated includes the United States, India, China, Japan, Korea and the United Kingdom and is the first of its kind in history.

“The president is in a position to take further action, if necessary, and is in a position to use his entire government functioning in coordination with the rest of the global source to a good enough source as we emerge from the pandemic,” the White House said. in a prayer.

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This is the first time the U. S. has been able to do so. USA Releases oil from your RPS:

“On the surface, WH’s announcement and main points just disappoint me, pass big or pass home, and I think WH got it right,” GasBuddy analyst Patrick De Haan said on Twitter. it comes out soon and has a strong statement, we are moving back to $80 in a short time. “

Several oil and fuel stocks were the main winners in the S

Benzinga’s point of view: Given that the values of oil and herbal fuels were trading particularly higher on Tuesday after the announcement of the SPR launch, it seems that the market already has the option of an even bigger launch. $85 a barrel in 2022, with value peaks of up to $120 a barrel.