🇺🇸 The U.S. is trying to get another 17 million barrels of oil out of its emergency reserves.
It's part of a deal Washington made with around 30 countries back in March to bring down fuel prices during the Iran war.
The U.S. agreed to lend 172 million barrels, while the wider group planned to release 400 million barrels.
But there's been a problem. Companies have to return the oil later, with up to 24% extra as payment.
And the last offer already flopped. When Washington offered its final batch in June, companies only agreed to borrow about 500,000 barrels.
Now it's trying again, with another 17 million barrels on offer. Whether companies actually want that oil is another story.
Source: Reuters / Writer: Daniyal
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Basemint @thebasemint1 ·
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@MarioNawfal The Strategic Petroleum Reserve is supposed to be for real emergencies, not for managing gas prices. Lend it out if you must, but get a firm refill plan in writing or taxpayers end up buying it back at higher prices.










































































