Refueling a car|MichalPL|CC BY-SA 4.0
Oil prices saw a sharp decline as reports came out that the Biden administration is likely to release millions of barrels of oil from the Strategic Petroleum Reserve (SPR).
According to Reuters, the Biden admin is considering releasing 180 million oil barrels over several months.
It would be the largest release from SPR in fifty years. While the supply has tightened globally, the releases have not managed to reduce oil prices till now.
The oil prices started soaring ever since Russia’s invasion of Ukraine began in late February.
