In an effort to combat the spike in oil prices spark by Russia's invasion of Ukraine, the White House on Thursday announced an historic release of oil from the U.S. Strategic Petroleum Reserve.
The White House said President Joe Biden plans to release an average of 1 million barrels of oil per day from the reserves for the next six months.
"The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time," the White House said. "This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up."
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.