Biden develops strategic oil reserves as crude prices fall

President Biden is expected to tap up to 180 million barrels of state oil reserves over the next six months to deal with the rise in energy prices following Russia’s invasion of Ukraine, the White House said Thursday.

The decision to release oil from the US Strategic Petroleum Reserve — an expected average of 1 million barrels a day — was made by the president after consultation with allies and partners, the White House said.

https://www.wsj.com/articles/crude-oil-prices-drop-as-biden-plans-to-tap-strategic-oil-reserves-11648738097?mod=pls_whats_news_us_business_f Biden develops strategic oil reserves as crude prices fall

Ari Notis

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