U.S. Senate Majority Leader Calls for Withdrawal from Oil Reserve to Lower Prices

U.S. Senate Majority Leader Chuck Schumer stated on Sunday that the Biden administration should withdraw from the strategic oil reserve to reduce high gasoline prices as Americans enter the holiday season. Schumer mentioned at a press conference in New York, "Let's lower gas prices now. This (withdrawal from the reserve) will lead to that." Last week, consumer prices in the United States recorded their largest annual increase in 31 years, driven by rising gasoline prices and other goods. The oil market has experienced a decline over the past three weeks due to the rising dollar and speculation that the Biden administration may release oil from the U.S. Strategic Petroleum Reserve to lower prices.