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Business Maverick: Biden team considers a massive release of oil to combat inflation

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The Biden administration is weighing up a plan to release roughly a million barrels of oil a day from U.S. reserves, for several months, to combat rising fuel prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter.

The total release may be as much as 180 million barrels, the people said, speaking on condition of anonymity ahead of an official move.The plan is accompanied by a diplomatic push for the International Energy Agency to coordinate a global release by other countries. A final decision hasn’t been reached on the global release, but the White House may make an announcement on the U.S. release as soon as Thursday, one of the people said.West Texas Intermediate futures dropped as much as 5.

The Biden administration has at the same time also struggled to coax OPEC nations to increase production enough to reduce U.S. gasoline prices. Biden discussed oil supplies and the potential for another round of releases from reserves during meetings with allies in Europe last week, according to National Security Adviser Jake Sullivan, who said the issue was a “major topic of conversation” at a meeting of the G-7.

 

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