The 31 Member Countries of the Governing Board of the International Energy Agency agreed to release 60 million barrels of oil from their emergency reserves to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine.
The U.S. is contributing 30 million barrels, half of the global total. The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) plans to issue a Notice of Sale for the 30-million-barrel sale today.
Though designed to assure markets of sufficient supplies of oil,
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The release is but a 3 days supply…. strategic reserves are not meant to assist in an inflation setting
What I can say, is that fuel prices will deter miles driven at a point and that is not a good thing for our industry.