The Biden administration is weighing a plan to release roughly a million barrels of oil a day from U.S. reserves, for several months, to combat rising gasoline prices and supply shortages on situation in Ukraine, according to people familiar with the matter, Trend reports citing Bloomberg.
The total release may be as much as 180 million barrels, the people said, speaking on condition of anonymity ahead of an official move.
The plan is accompanied by a diplomatic push for the International Energy Agency to coordinate a global release by other countries. A final decision hasn’t been reached on the global release, but the White House may make an announcement on the U.S. release as soon as Thursday, one of the people said.
West Texas Intermediate futures dropped as much as 5.5% on Thursday on signs the U.S. was considering the release.