Biden may tap US strategic oil reserves – FT ...News

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Biden may tap US strategic oil reserves – FT
source : Russia Today ( News ) () 36
The move is being touted as a way of reducing prices at the pump ahead of the presidential election, according to a report US President Joe Biden may order the release of more crude from the Strategic Petroleum Reserve (SPR) in an effort to tame rising gasoline prices and inflation ahead of the election in November, the Financial Times reported on Monday. The SPR is an emergency stockpile of petroleum maintained by the US Department of Energy, which was established after an OPEC oil embargo in 1973 and 1974. It serves as a buffer against spikes in oil prices in times of supply disruptions. In an interview with the

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