White House again contemplates SPR release as oil prices stay above $90/b

The Biden administration signaled Feb. 22 that it is building a case for a globally coordinated crude stockpile release as the Russia-Ukraine tensions keep oil prices above $90/b. The International Energy Agency said Feb. 22 that member countries “stand ready to act collectively to ensure that global oil markets are adequately supplied.” IEA members hold close to 4.16 billion barrels…