The U.S. Department of Energy said on Friday it will sell 18 million barrels of crude oil from its strategic petroleum reserve (SPR) on Dec. 17, as part of a previous plan to try to reduce gasoline prices.
it would release about 50 million barrels from its reserves in conjunction with other consumer countries including China, India and South Korea to combat the rising cost of fuel.
Oil prices rose to seven-year highs of more than $86 a barrel in late October on surging fuel demand worldwide, but have dropped by nearly 13% since, in part due to the U.S. announcement and the emergence of the Omicron variant of coronavirus that has dented travel around the world.The 18 million barrels to be sold had already been approved by Congress in previous years.
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