WASHINGTON : President Joe Biden's historic move to release oil from strategic reserves in coordination with big nations including China represents a unique bet that finding common ground with the United States' biggest economic rival can help dampen fuel prices for middle class Americans.
"Climate and energy are in a separate category from all the tough issues that need to be dealt with between the two countries," Yergin said. Jaffee said both countries recognized the importance of a global climate agreement."I would say 'Ditto' on the oil market," Jaffee said. U.S. gas prices at seven-year high U.S. gas prices at seven-year high https://graphics.reuters.com/USA-GASOLINE/PRICES/znvnekmrbpl/chart.pngChina now imports more than 10 million barrels of oil a day, The United States imports about 6 million barrels per day, though in recent years it has sharply reduced its dependency on OPEC producers, with most of its imports now from Canada.
U.S. oil prices hit a seven-year high in late October driving inflation and hitting Biden's approval rating ahead of midterm elections next year. With razor thin majorities in both chambers of Congress, Biden's fellow Democrats can ill afford to lose seats in 2022.Biden could take additional action in coordinating with other countries to maintain supply as the COVID-19 pandemic eases, the White House in a statement Tuesday."Not only could U.S.
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