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Biden Team Weighs New Oil Release Among Steps to Rein In Prices

Officials within President Joe Biden’s administration are hunting for ways to head off a feared spike in oil prices later this year, including the possibility of an additional release from the nation’s emergency crude reserves.

The officials are warning of an increase in prices this December when EU sanctions on Russian supplies take effect, unless other steps are taken, according to people familiar with the deliberations. They asked not to be identified because the discussions aren’t public.