U.S. and Its Allies Agree to Release 60 Million Barrels of Oil from Reserves Amid Gas Price Spike

The US and its allies have agreed to a release of 60 million barrels from their reserves, the White House and International Energy Agency announced Tuesday, as leaders seek to dampen the effect of Russia’s invasion of Ukraine on gas prices at home.

Half of that total — 30 million barrels — will come from the US Strategic Petroleum Reserve, and the other half will come from allies in Europe and Asia. Those other allies include Germany, the United Kingdom, Italy, the Netherlands and other major European countries, as well as Japan and South Korea.

The International Energy Agency announced Tuesday that member countries have agreed to the release from emergency reserves to send a “strong message to global oil markets that there will be no shortfall” as a result of Russia’s invasion of Ukraine.

In its own statement, the White House said the release “is another example of partners around the world condemning Russia’s unprovoked and unjustified invasion of Ukraine and working together to address the impact of President Putin’s war of choice.”

“President Biden was clear from the beginning that all tools are on the table to protect American businesses and consumers, including from rising prices at the pump,” the White House said in a statement.

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SOURCE: CNN, Phil Mattingly, Kevin Liptak, Kaitlan Collins, Natasha Bertrand and Matt Egan