The Western Journal Â
Domestic and international oil price indices rose Tuesday, even after President Joe Biden and other world leaders coordinated a release of emergency reserves.
The West Texas Intermediate crude oil index, which measures U.S. prices, increased more than 2 percent to $78.44 per barrel, while the European Brent Crude index ticked up nearly 3 percent, hitting $82 per barrel.
In an effort to knock down high gasoline prices, which are tied to the cost of oil, Biden announced Tuesday that the United States and several other nations, including China, Japan and the United Kingdom, would be releasing tens of millions of barrels of oil from emergency reserves.
The White House said the United States would withdraw 50 million barrels from its Strategic Petroleum Reserve, established in the 1970s for future energy crises and currently holding about 604 million barrels in inventory.
The U.S. consumes 18-19 million barrels of oil per day, and the world consumes nearly 100 million total barrels per day, according to the International Energy Agency…
