WASHINGTON (Pakistan Point News / Sputnik - 24th November, 2021) High gas prices are partially caused by the lack of oil producers' readiness to meet demand, US President Joe Biden said on Tuesday.
"The big part of the reason Americans are facing high gas prices (is) because oil producing countries and large companies have not ramped up to supply oil quickly enough to meet the demand," Biden said at the White House.
Smaller supply means higher prices globally, he added.
To address these issues, Biden said he communicated with leaders of other countries.
"India, Japan, Republic of Korea, the UK have released additional oil from their reserves, and China may do more as well," Biden said. "This coordinated action will help us deal with a lack of supply."
Earlier in the day, President Joe Biden announced the release of 50 million barrels of oil from the SPR in concert with other energy consuming nations, including China, India, Japan, South Korea and the UK.
