The Biden administration is selling a record amount of emergency oil from national reserves to tame soaring U.S. fuel prices as quickly as possible, but the plan could backfire down the road if the stockpile is not replenished quickly. President Joe Biden on March 31 announced the United States would sell 180 million barrels of .
By Timothy Gardner, Julia Payne and Ahmad Ghaddar (Reuters) - The Biden administration is selling a record amount of emergency oil from national reserves
Loans of US oil from the SPR guarantee a return of oil over a set period but can take up to months to finalize as the government lines up buyers and negotiates contracts.
The decision to sell oil from the SPR marked a tradeoff: oil would be released to the market more quickly to lower prices, but it could take longer to replenish the stockpile to its current level, raising longer-term market risks.
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