The U.S. Department of Energy said on Friday it will sell 18 million barrels of crude oil from its strategic petroleum reserve (SPR) on Dec. 17, as part of a previous plan to try to reduce gasoline prices.
it would release about 50 million barrels from its reserves in conjunction with other consumer countries including China, India and South Korea to combat the rising cost of fuel.
Oil prices rose to seven-year highs of more than $86 a barrel in late October on surging fuel demand worldwide, but have dropped by nearly 13% since, in part due to the U.S. announcement and the emergence of the Omicron variant of coronavirus that has dented travel around the world.The 18 million barrels to be sold had already been approved by Congress in previous years.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the Herculean Effort to Resume ‘The Amazing Race’ After Its 18-Month COVID Shutdown (EXCLUSIVE)When “The Amazing Race” Season 33 contestants hit the road in February 2020, executive producers Bertram van Munster and Elise Doganieri were already keeping an eye on reports of a coronavirus begi…
Read more »
I'm a Celeb: 18 stars who dramatically quit the show - Gemma Collins, Spencer Matthews and moreAll the I'm a Celeb stars that just couldn't hack life in the jungle – including a familiar face from the current series...
Read more »
The Funniest Animals In Photos: 18 Winners Of Comedy Pet Photography Awards 2021Pepper, Beau and Clementine number among the stars of the photo contest rewarding the most comical images of furry animal friends from around the world.
Read more »
Senate clears the way for Congress to raise the debt ceiling before Dec. 15 deadlineThe Senate cleared the way for Democrats to raise the U.S. debt ceiling without Republican support
Read more »
Iraq, U.S. shift from combat mission to coalition assistance ahead of Dec. 31 deadline'Many brave men and women gave their lives to ensure Daesh never returns....Daesh 'is down, but not out,' coalition commander Major General John Brennan said.
Read more »