US: President Joe Biden announces series of steps aimed at easing oil supply crunch and lower gas prices

US President Joe Biden announced yesterday a series of steps aimed at easing the oil supply crunch and lower gas prices. The supply crunch and prices have become a major domestic concern ahead of the November midterms polls. Mr. Biden confirmed the release of 15 million barrels from the Strategic Petroleum Reserve in December. In his speech, the US president reiterated that Russia was responsible for the hike in energy prices in the country. He also said that the administration is taking the unusual step of planning to buy oil to rebuild the strategic reserve once crude falls below 70 dollars per barrel. Mr. Biden also called on oil companies to pass on the savings to the consumers.