As the Western world continues to act to cut off Russia’s ability to sell oil and gas in the wake of its invasion of Ukraine, there is recognition of the fact that this will cause pain to the sanctioners as well as the sanctioned. In response, the United States has already decided to release 30 million barrels of oil from the Strategic Petroleum Reserve (SPR). Though it seems like this is precisely the sort of event that should lead to a release from the SPR, the truth is that this isn’t even close to the largest release authorized over the past year.
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