President Biden Is Planning To Release More Oil From The SPR

The Biden administration is planning to release another 10 to 15 million barrels of crude from the strategic petroleum reserve, Bloomberg reported today, citing unnamed sources in the know. The original SPR release plan is ending soon but U.S. fuel prices are climbing up, which could motivate the additional release. Analysts have misgivings about it, however. Yesterday, Energy Aspects’ Amrita Sen told CNBC the Biden administration was considering releasing another 100 million barrels from the SPR, which would flood the market. Sen noted that…