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US Offers 40 Million Barrels From Strategic Petroleum Reserve to Ease Fuel Prices

WASHINGTON: The U.S. government is offering energy companies 40 million barrels of crude from the Strategic Petroleum Reserve as fuel prices remain elevated amid global supply disruptions.

United States Capitol in Washington DC
U.S. Capitol, Washington, D.C. Representative image.

Reuters reported that the offer is part of a wider international emergency-stock agreement involving the International Energy Agency. The administration previously offered the same 40 million barrels in June, but companies borrowed only about 500,000 barrels at that time.

The Strategic Petroleum Reserve is the federal government’s emergency crude-oil stockpile and is intended to provide a supply buffer during major disruptions.

Source: Reuters and U.S. Department of Energy.

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Imran Siddiqui

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