WASHINGTON : The Biden administration is considering tapping the U.S. Strategic Petroleum Reserve to cool oil prices in conjunction with other big consumers like China and Japan.
Besides the United States, the other 29 member countries in the International Energy Agency , including the United Kingdom, Germany, Japan and Australia, are required to hold oil in emergency reserves equivalent to 90 days of net oil imports. Japan has one of the largest reserves after China and the United States.
Under a sale, the Energy Department usually holds an online auction in which energy companies bid on the oil. Under a swap, oil companies take crude but are required to return it, plusinterest.
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