The US is considering releasing 1 million barrels of oil a day to fight inflation, according to a report.
According to people familiar with the matter, the administration may release as many as 180 million barrels of oil. An announcement may come as soon as Thursday.
The US wants the International Energy Agency to coordinate the release of oil reserves in other countries.
At 9:17 p.m., oil futures were down 4% on the back of the news. The time is at 10:30.
The news came as US inflation rose 7.9% on-year in February, the fastest pace since 1982. The price of oil has hit 14-year highs.
The US consumes 20 million barrels of oil a day. Products that are used in the oil industry include gasoline, diesel fuel, and jet fuel.
Oil prices have gone up. The US Energy Information Administration wrote in a January report that growth in demand has outpaced growth in production.
The price of oil went up as the US and the UK banned Russian imports, but neither country buys a lot of Russian energy products. The European Union relies on Russia for 40% of its natural gas and 30% of its oil.
According to the International Energy Agency, Russia is the third-largest oil producer and accounts for 10% of global supply.
The White House did not reply immediately.
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