With the release of oil reserves to combat Russia’s crisis, Britain comes to the EU’s rescue.

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With the release of oil reserves to combat Russia’s crisis, Britain comes to the EU’s rescue.

THE UK has stepped in to help the European Union (EU) by releasing up to 1.5 million barrels of oil to alleviate a supply shortage exacerbated by Russia, Iran, and OPEC Plus members.

Despite pleas from the world’s energy-starved population, the international petroleum syndicate is said to be unwilling to increase oil production.

The increased demand for energy has caused gas and oil prices to skyrocket to record highs as lockdown restrictions were eased and industries were resurrected this year.

The government has teamed up with the United States, China, India, Japan, and South Korea to drive down oil prices by flooding the market with 70 million barrels of crude.

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The UK plans to use its strategic reserves to achieve this goal.

The coordinated effort is being led by the US, which has committed to releasing 50 million barrels, according to the Prime Minister’s official spokesman.

“We will work closely with our international partners, such as the United States, to do everything we can to help the global economy through the transition following the pandemic,” he said.

“That is why we are joining other countries, led by the United States, in allowing companies in the United Kingdom to voluntarily release some of their oil reserves.”

“As we emerge from the pandemic, it is a sensible and measured step to support global markets.”

This is entirely voluntary, according to the spokesman.

If “all companies chose this flexibility,” the UK could release up to 1.5 million barrels of oil, according to estimates.

Consumers in the United States were prompted to take such drastic measures in part due to rising gasoline prices.

And OPEC(plus) has so far refused to ease market pressures, preferring to focus on its own post-pandemic recovery.

“American consumers and businesses are feeling the impact of elevated gas prices at the pump and in their home heating bills,” the White House said.

“Brinkwire News in Condensed Form.”

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