The figure reported Thursday by the Commerce Department was the largest year-over-year rise since January 1982. Excluding volatile prices for food and energy, so-called core inflation increased 5.4% in February from 12 months earlier.Given the Biden administration is taking a very muscular stance toward Moscow, the SPR release is being used as a tool to blunt the impact for U.S. consumers, RBC Capital Markets said.
currently holds about 570 million barrels in the reserves — the lowest since 2002 — and a 180 million barrel release without replacement would imply a more than 30% decrease. While the news could lower prices in the short term, it could lead to increased U.S. demand in the longer term to refill the reserves, he said.The release would be the largest ever if it all comes from the U.S.
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