Financial Insights

US asks Japan, China, others to consider tapping oil reserves

The unusual request comes as U.S. President Joe Biden fends off political pressure over rising pump prices and other consumer costs driven by a rebound in economic activity from lows plumbed early in the coronavirus pandemic.

The Biden administration has urged some of the world’s largest oil consumers, including China, India and Japan, to consider releasing crude oil inventories to lower global energy prices.

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