US to release oil from SPR to curb inflation

Nov 24, 2021 AlShorts Web Desk

White House said the US Department of Energy is set to release as many as 50 million barrels of oil from the Strategic Petroleum Reserve (SPR). The move is intended at lowering the prices and address the mismatch between demand exiting the pandemic and supply. The announcement came as fuel prices and inflationary pressures soared to new heights in the country in recent times.