Biden Team Weighs A Massive Oil Release To Combat Inflation

Tiger Newspress2022-03-31

WTI and Brent Crude Were All Down More Than 3% as Biden Team Weighs A Massive Oil Release To Combat Inflation.

The Biden administration is weighing a plan to release roughly a million barrels of oil a day from U.S. reserves, for several months, to combat rising gasoline prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter, Bloomberg News reports.

The total release may be as much as 180 million barrels, the people said.

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Comments

  • robot1234
    2022-03-31
    robot1234
    The world top three oil producers are US, Saudi Arabia and Russia. The US is the top petroleum liquids producer in the world, averaging 18.6 million b/d to account for 20% of the world’s production in 2020. Saudi Arabia contributes 10.8 million b/d, representing 11% of the world’s total petroleum liquids production. While Russia has dropped to third place in a ranking it led as recently as 2010, it remains one of the world’s top oil producers with an average of 10.5 million b/d in 2020, accounting for 11% of global production. The US has benefitted enormously from the Ukraine crisis. Prior to the crisis, the EU import around 45% and 25% of her natural gas and oil from Russia. Due to geopolitical tension, the EU is now paying a premium importing gas and oil from the US.
  • CArs
    2022-03-31
    CArs
    👍yes 😃
  • Jloong
    2022-03-31
    Jloong
     q
  • phongy 45
    2022-03-31
    phongy 45
    Really, sometimes he announced for fun .. didn't mean it! 
  • JohnL
    2022-03-31
    JohnL
    1 mil a day
  • Aeron2020
    2022-03-31
    Aeron2020
    ok
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