U.S. strategic oil reserve to release 1M barrels per day for 6 months:
When IEA members agreed to release a combined 61.7 million barrels at the beginning of the month, the U.S. contribution was 30 million barrels, while the British added 2.2 million barrels.
“There are oil companies that are doing the right thing and committing to ramp up production now,” the White House said. “Still, too many companies aren’t doing their part and are choosing to make extraordinary profits and without making additional investment to help with supply.”OPEC+’s refusal to increase its own production may blunt any effect of the U.S. release, the largest by far in the history of the Strategic Petroleum Reserve.
Yet U.S. gasoline prices are near record highs, even after Biden previously announced releases totaling 80 million barrels in November and March.
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