Oil prices choppy after emergency reserve release
The Senate will take up legislation Thursday to end normal trade relations with Russia and to ban the importation of its oil
Biden admin considers looking to Canada for oil
Power the Future executive director Daniel Turner discusses Democrats blaming big oil for high energy prices and Biden’s talk of going to Canada for oil on ‘Fox Business Tonight.’
Oil prices bounced between gains and losses overnight after falling more than 5% in the previous session.
International Energy Agency member countries announced a huge release of oil from emergency reserves to offset supply lost from Russia.
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U.S. West Texas Intermediate (WTI) crude futures rose 65 cents to $96.86 a barrel.
Brent futures added 84 cents to $101.91 a barrel.
RUSSIA INVADES UKRAINE: LIVE UPDATES
The IEA members agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week, according to Reuters.
An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas. (REUTERS/Ernest Scheyder / Reuters Photos)
Analysts say supply remains tight despite the emergency oil stocks release.
HOUSE DEMOCRAT SAYS OIL EXECS 'THROWING UP A SMOKE SCREEN’ AMID ALLEGATIONS OF PRICE GOUGING
The Senate will take up legislation Thursday to end normal trade relations with Russia and to ban the importation of its oil, Senate Majority Leader Chuck Schumer announced Wednesday.
House Democrats on Wednesday accused oil companies of "ripping off the American people" and putting profits before production as Americans suffer from ever-increasing gasoline prices during the war in Ukraine.
Oil executives, testifying before Congress for the second time in six months, responded that oil is a global market and that oil companies don’t dictate prices.
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The national average gas price was $4.16 a gallon for regular on Wednesday, up from $2.87 a year ago, according to AAA.
The Associated Press contributed to this report.