EIA: Impact from Release of US Emergency Reserve Oil Would be ‘Short-lived’

An EIA analysis showed that a release of 15 million to 48 million barrels from the reserve could bring prices down about $2 a barrel and push gasoline prices for a short period of time.

Reuters

A release of oil from the U.S. Strategic Petroleum Reserve (SPR) would likely have only a short-lived impact on oil markets, the acting head of the U.S. Energy Information Administration (EIA) said on Nov. 16.

The Biden administration has considered tapping the reserve to cool rising oil prices that are helping to fuel inflation. But Stephen Nalley, the acting EIA chief, told a Senate hearing:

“Ultimately the amount of impact would be relatively short-lived, and would depend on how much was released.”

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