Joe Biden to release millions of barrels of oil along with UK to drive down fuel prices

Joe Biden, the US president, announced the release of 50 million barrels of national reserves of crude oil on Tuesday in an unprecedented coordinated move with other major nations including the UK.

The unusual move is an attempt to tackle his sinking approval rating as soaring gasoline prices hit ordinary Americans, but also marks a challenge to the grip that major producers such as Russia and Saudi Arabia hold over the market.

Announcing the measure, Mr Biden said releasing the oil reserves will "make a difference" to consumers.

"While our combined actions will not solve the problem with high gas prices overnight, it will make a difference," he said, adding "before long you should see the price of gas drops where you fill up your tank".

The US president also hit back at claims his climate policies had impacted the surging cost at the pump. "My effort to combat climate change is not raising the price of gas or increasing its availability," he said during a White House address.

Mr Biden blamed oil companies for failing to pass price drops on to customers. "The price of gasoline in the wholesale market has fallen by about 10 percent in the last few years but the price at the pump hasn't budged a penny,"he said.

The White House said the oil release was being taken "in parallel" with other major energy consuming nations, including China, India, Japan, Republic of Korea and the United Kingdom.

The US reserves, held in underground depots in Texas and Louisiana, are the largest emergency supply of oil in the world.

A senior administration official said the releases would start in mid- to late December, and that further intervention was possible to steady the market, "responding to a once-in-a-century pandemic."