"We’re facing a once-in-a-lifetime recovery from a pandemic which has impacted us in many ways, including the cost of some goods around the world, including the cost of gas. And increasing the supply — something we’ve asked OPEC Plus member countries to do and we will continue to press them to do," she said.
In her words, the US administration is "going to use every tool at our disposal to do that."
US consumer prices jumped 6.2% in October, which is the country’s biggest inflation surge in more than 30 years. The growth was attributed mostly to fuel prices. Petroleum prices in the country grew 49.6% compared to October 2020. According to Bloomberg, they reached the highest level in seven years. Sociologists name inflation as one of reasons for a decline in incumbent President Joe Biden’s popularity.
Against this background, the US leader ordered to release a 50 million barrels of oil from America's strategic reserve. According to the White House, the move is aimed at reducing fuel prices and balancing supply and demand on the market while the country is recovering from the coronavirus pandemic.