American analyst appreciated Biden's idea of ​​releasing oil from the US strategic reserve

American analyst Kilduff: release of oil from the US strategic reserve will lower fuel prices

New York energy hedge fund founder John Kilduff assessed the decision of US President Joe Biden to release 50 billion barrels of oil from the US strategic reserve. This is reported by RIA Novosti.

According to the expert, during the period of peak demand for heating, this measure will be able to lower fuel prices in the country, further will depend on the behavior of other manufacturers.

you need about a million barrels per day in addition to fill the gap. At first glance, this should help us get through the beginning of January, and then, depending on what is done in Asia, the situation may change, ”he said.

Kilduff also mentioned other factors that may affect on the dynamics of prices. “The other side of the puzzle, of course, is the new COVID outbreaks in Europe that not many in the energy markets might have anticipated. These restrictions are a real problem for energy demand, “the analyst emphasized.

Earlier, State Duma Deputy Delyagin called the release of US oil reserves a sign of an emergency. “This is a measure to contain the rise in oil prices due to the fact that the fascination with climate fraud and a strong leap forward in the field of green technologies plunged the West into an energy crisis. And it is impossible to restrain the rise in prices, to keep them at an acceptable level, taking into account the impoverishment of the middle class, ”the deputy is sure.

Earlier, US President Joe Biden announced the release of 50 million barrels of oil from the country's strategic reserve. The decision to use strategic reserves was also made by China, India, Japan, South Korea and the UK.