The US and its allies are going to release 60 million barrels of oil. This move comes after Russia’s invasion of Ukraine spiking up gas prices. The US has reserves of about 600 million barrels of oil underground in Louisiana and Texas, and 30 of 60 million of the barrels are going to come from the US’s own stockpile. The other half will come from it’s allies in Europe and Asia. These allies include big and developed countries such as the UK, Germany, Italy, Japan, and South Korea. Oil prices have spiked recently, and prices of oil barrels have reached over $100. Gas prices at the pump rose to $3.62 today, which is 9 cents higher than last week, and 24 cents higher than last month. The Ukraine situation is very intense right now, and no-one knows what will happen next.
Source: https://www.cnn.com/2022/03/01/politics/us-strategic-petroleum-reserve-release-latest/index.html
