FX.co ★ Democrat senators urge Biden to release more oil from reserves

A group of senators from the Democratic Party has urged Joe Biden to continue releasing crude oil from the Strategic Petroleum Reserve through at least the end of the year, CNN reported.

In a letter sent to the US President, Congress Democrats stated that the national average of gas and oil prices remained too high and exceeded the level of 2021. They called on Biden to continue releasing crude oil from the Strategic Petroleum Reserve to bring prices down.

Furthermore, according to the letter cited by CNN, Congress Democrats asked Joe Biden to use $121 million in the SPR Fund. They requested the US President to use the funds to buy more oil and gas to refill the emergency stockpile.

Earlier, the US Energy Information Administration reported that US SPR petroleum stocks declined by 1.9% or 8.4 million barrels. Currently, US crude oil inventories stand at 434.1 million barrels, the lowest level since October 1984.