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Strategic oil reserves likely temporary fix for US inflation woes

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AFP

New York (AFP) – With inflation surging ahead of the Thanksgiving holiday, US President Joe Biden has drawn on the seldom-used Strategic Petroleum Reserve to combat rising oil prices that have fueled the recent spike. Fifty million barrels of US crude will be dumped on the market, along with undisclosed contributions from China, India, Japan, South Korea and the United Kingdom. However analysts say markets may view the coordinated initiative as symbolic and its impact may be short lived, since oil supply is tight worldwide and major producers in OPEC have only gradually restored production cut…

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