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 Biden says he'll release 10 million more barrels from the dwindling 'oil piggy bank' after OPEC's production cuts — but this is the big risk with more withdrawals

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Biden says he'll release 10 million more barrels from the dwindling 'oil piggy bank' after OPEC's production cuts — but this is the big risk with more withdrawals Vide
PostSubject: Biden says he'll release 10 million more barrels from the dwindling 'oil piggy bank' after OPEC's production cuts — but this is the big risk with more withdrawals   Biden says he'll release 10 million more barrels from the dwindling 'oil piggy bank' after OPEC's production cuts — but this is the big risk with more withdrawals Icon_minitimeSat Oct 08, 2022 2:10 am
In an effort to counter rising prices at the pump, President Biden plans to plunder the country’s “oil piggy bank.”

In November, the Department of Energy will deliver 10 million barrels from the Strategic Petroleum Reserve (SPR) to the market. The SPR — the world's largest supply of emergency crude oil — was established back in 1975 in case of a severe oil supply crisis or economic disruption.

Biden’s decision comes after the Organization of the Petroleum Exporting Countries (OPEC+) said it would slash oil production by 2 million barrels a day — putting extra pressure on the global energy supply.

However, with the country’s emergency reserve already at its lowest levels since 1984, some experts have concerns about the long-term implications.

.https://finance.yahoo.com/news/biden-says-hell-release-10-191500094.html

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Biden says he'll release 10 million more barrels from the dwindling 'oil piggy bank' after OPEC's production cuts — but this is the big risk with more withdrawals

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