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

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 84%

United States News News

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I'ᴍ sᴏ ᴄᴏᴍғᴏʀᴛᴀʙʟᴇ ᴍᴀᴋɪɴɢ ᴍʏ ᴡɪᴛʜᴅʀᴀᴡᴀʟs ғʀᴏᴍ MarkdonaldTowns ᴘʟᴀᴛғᴏʀᴍ, ᴛʜᴀɴᴋ ʏᴏᴜ ғᴏʀ ᴛʜɪs ᴏᴘᴘᴏʀᴛᴜɴɪᴛʏ ʙʀᴏᴛʜᴇʀs ᴀɴᴅ sɪsᴛᴇʀs ʜᴇʀᴇ's ᴛʜᴇ ᴘᴇʀғᴇᴄᴛ ᴏᴘᴘᴏʀᴛᴜɴɪᴛʏ ғᴏʀ ᴜs ᴀʟʟ ᴛᴏ ᴇᴀʀɴ. ᴄʜᴇᴄᴋ her ᴘᴀɢᴇ

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Avocado Prices Surge to a 24-Year HighAvocado prices jumped to the highest in more than two decades amid tightening supplies in Mexico, the world’s biggest exporter of the fruit, signaling pricier guacamole.
Source: dailymaverick - 🏆 3. / 84 Read more »