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The release of crude oil from the U.S. Strategic Petroleum Reserve, announced Tuesday by the Biden administration, comes at a time when the price of gasoline has become a major political issue and when there are some signs oil markets are setting up for a steady decline. The U.S. will release 50 million barrels of oil from the Strategic Petroleum Reserve (SPR), a storehouse of oil that was created in the 1970s as protection against disruption of oil supplies.
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