Strategic oil reserves deployed at high fuel price

So-called ‘strategic oil reserves’ are being used by many countries to keep fuel prices down. This includes the United States and the United Kingdom.

Fuel prices are skyrocketing, partly because of the high oil price, which is pushing some superpowers to use up stored American oil reserves. The United States is releasing 50 million barrels of oil from its strategic reserves to combat high fuel prices at the pump. That was announced by the White House. India, Japan, China, South Korea and the United Kingdom are also participating in the coordinated step. The oil comes from the US Strategic Petroleum Reserve (SPR), which is good for more than 600 million barrels. In addition, oil companies can receive crude oil from the reserves which they then later have to return to the government, plus interest. That will be a…

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Source: AutoWeek by www.autoweek.nl.

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