U.S. likely to release 1 million barrels of oil a day from reserves

In order to beat sky-high inflation, the United States is seriously considering of release around 1 million barrels of oil per day from its reserves. Bloomberg, on Thursday, reported that the US administration is planning to release 180 million barrels of oil in total and it may make the official announcement soon. The country is also calling on the International Energy Agency to coordinate a release of oil reserves in other countries. Currently, America is battling record-high inflation. The inflation rose to 7.9% in the month of February which was the highest since January 1982. Oil prices around the world have also hit 14 years high. According to the US Energy Information Administration, around 20 million barrels of oil are used a day in the country. This includes gasoline, diesel fuel, and jet fuel. In a report written in the month of January by the  US Energy Information Administration, it was informed that growth in demand has been outstripping production growth as pandemic restrictions are slowly being uplifted and the global economy recovers.