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Biden admin weighs largest ever draw from emergency oil reserve: Report

The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), reports Reuters

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Reuters Washington
The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), four U.S. sources said on Wednesday, as the White House tries to lower fuel prices.
 
The move would mark the third time the United States has tapped its strategic reserves in the past six months, and would be the largest release in the near 50-year history of the SPR.
 
So far, the releases have not managed to lower prices as world demand has nearly reached pre-pandemic levels while supply has tightened globally.
 
Oil prices have surged since Russia

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First Published: Mar 31 2022 | 8:56 AM IST

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