US President Joe Biden has released 50 million barrels of oil from the US strategic oil reserve. The aim is to depress the rising price of oil. Those 50 million barrels of oil are equal to what the US economy consumes in 60 hours. The total US strategic oil reserve is 600 million barrels, a reserve that was created after the oil crises of the 1970s. Other countries are also releasing part of their strategic reserves. For the United Kingdom it is 1.5 million barrels, for India 5 million barrels.