Biden Administrations Plan to Tackle High Oil Prices This Summer

To prevent a surge in petrol prices this summer, the Biden administration plans to release more oil from the U.S. strategic stockpile. Senior advisor Amos Hochstein highlights that current oil prices remain too high for many Americans and aims to reduce them further.

The Biden administration is ready to release more oil from the U.S. strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday.

Senior Biden adviser Amos Hochstein told the newspaper that oil prices are "still too high for many Americans” and he would like to see them “cut down a little bit further”.