What Is The Emergency Oil Stash Biden May Tap To Counter Inflation?

The reserve currently holds about 606 million barrels (MMbbl) in dozens of caverns in four heavily guarded locations on the Louisiana and Texas coasts.

Timothy Gardner, Reuters

The Biden administration is considering tapping the U.S. Strategic Petroleum Reserve to cool oil prices, which are raising fuel prices and driving inflation, the administration said on Nov. 15.

Such a move may not have a long-term impact on dampening U.S. oil prices that hit a seven-year high above $85 a barrel in late October, analysts say.

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