US oil prices surged Tuesday following plans by the Biden administration to release oil from the country’s emergency stockpile in an effort to combat the high gas prices that consumers are paying.
West Texas Intermediate crude prices climbed as much as 2.6% to $78.75 per barrel and Brent, oil’s international benchmark, picked up 2.8% to $81.94.
Early Tuesday, President Joe Biden authorized the Energy Department to release of 50 million barrels of oil from the US Strategic Petroleum Reserve “to lower gas and oil prices for Americans,” he said in a statement.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.