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U.S., Other Countries to Tap Strategic Oil Reserves in Bid to Tame Inflation
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WASHINGTON—The U.S. and five other countries including China will tap their national strategic petroleum reserves in an attempt to bring down gasoline prices that have become a sore spot with motorists and a big contributor to inflation, the White House said.
Oil futures ticked upward after the announcement early Tuesday, which had been anticipated for weeks as the White House grappled with how to address rising prices for gasoline, groceries and other consumer products that have put its legislative agenda at risk.
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