The Biden administration is considering tapping its emergency supply of oil again in coordination with allies to counter a surge in prices brought on by Russia’s moves against Ukraine.
The Biden administration is considering tapping its emergency supply of oil again in coordination with allies to counter a surge in prices brought on byAlthough no decision has been made, “robust conversations” within the administration are underway, including on potential price point triggers and how to coordinate a release from the reserve with other nations, said the people, who asked not to be identified discussing nonpublic government deliberations.
When asked whether the U.S. is considering another release of the strategic petroleum reserve to stem rising gas prices given the Ukraine crisis, White House Press Secretary Jen Psaki said, “that is certainly an option on the table.” “What we’re trying to do and focus on is take every step we can working around the world with our counterparts and partners to minimize the impact on the global energy market,” Psaki said.after Bloomberg News reported that the U.S. is considering a potential release from its oil reserves in coordination with allies. West Texas Intermediate futures fell close to $1 after settling at $92.10. Brent crude fell 72 cents, or 0.8%, after settling unchanged.
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