US to tap 50M barrels of oil from SPR

2021-11-24

The White House announced the Energy Department will release 50 million barrels of oil from the Strategic Petroleum Reserve in a bid to bring down fuel prices as part of a coordinated effort with other five other nations -- China, the UK, South Korea, Japan and India. "The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic," the White House said.

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