Will Tapping the U.S. Oil Reserve Actually Quell Prices?
The plan to offer as much as 50 million barrels of crude probably won’t have the immediate price impact Biden is targeting.
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After many weeks of signaling and speculation, a group of major oil consumers including the U.S. has announced a coordinated plan to tackle soaring energy costs by releasing crude from strategic reserves. The question now is whether it’s going to work.
In a rare bout of coordination with other oil-consuming nations, the U.S. government said Tuesday it plans to offer as much as 50 million barrels from its Strategic Petroleum Reserve. China, India, Japan, South Korea and the U.K. will join in the effort.