Washington, March 31 (FN Agency) The United States will release a record of 1 million barrels per day of oil from its emergency reserve over the next six months to alleviate a supply crunch that has sent fuel prices to all-time highs, the White House said on Thursday. “After consultation with allies and partners, the President will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average – every day – for the next six months,” the statement said, referring to the release that is to come out of the Strategic Petroleum Reserve.
“The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as [a] bridge until the end of the year when domestic production ramps up.”