The soaring oil prices have been driving the US Biden administration to tap the Strategic Petroleum Reserves (SPR) to lower prices but analysts said that such a move may not have a long-term impact.
Oil prices had hit the highest level in seven years, higher than USD85/barrel in late October.
Releasing oil is seen as one of the most viable options at the moment as the members of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) resisted its call to add more oil supply to the global markets.
Other than that, by releasing SPR, the Biden administration could avoid criticism ahead of the 2022 midterm elections, that it has not done any significant actions to counter the rising prices.
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Published on November 16, 2021 12:28 PM (GMT+8)Last Updated on November 16, 2021 12:28 PM (GMT+8)
