Biden admin weighs 180 million bbl draw of oil from emergency reserves over months -sources -Breaking
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© Reuters. FILE PHOTO A maze of crude-oil pipes and valves was pictured on a Department of Energy tour of the Strategic Petroleum Reserve, Freeport, Texas. U.S.A, June 9, 2016. REUTERS/Richard CarsonWASHINGTON (Reuters] – Two U.S. sources reported Wednesday that the Biden administration was considering drawing from oil reserves in emergency of up to 180,000,000 barrels. This could be done over several months.
This is an effort to reduce oil prices, which have risen more than $100 per barrel since Russia invaded Ukraine. It also reflects the high demand worldwide.
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