U.S. Considering New Oil Release From Strategic Reserve
- Specific amount still being discussed; no decisions made yet
- Potential oil release comes amid near-record gasoline prices
Storage tanks at a refinery in Torrance, California.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
The U.S. is considering another release of oil from its emergency reserves as prices continue to surge after Russia’s invasion of Ukraine, people familiar with the matter said Friday.
The specific amount is being discussed among top aides to President Joe Biden, but it would likely be more oil than the 30 million barrel release announced by the U.S. this month in an effort coordinated with allies, according to one of the people, who spoke on the condition of anonymity to describe confidential discussions.