The United States is considering releasing oil reserves in response to the soaring oil prices caused by the situation in Ukraine

According to two people familiar with the matter, the Biden administration is considering using the strategic oil reserve again to join forces with allies to deal with the surge
in oil prices caused by the situation in Ukraine.

While no decision has been made, there are "lively conversations" taking place within the government, including potential price trigger points and how to coordinate with other countries to release oil reserves
, the people said.
Because these internal government discussions have not been made public, people familiar with the matter requested anonymity
.
Modelling is underway to determine the size and extent
of potential release of reserve oil, they said.

The U.
S.
Department of Energy declined to comment
.
The White House and the National Security Council did not immediately respond to requests for
comment.

The White House approved the release of 50 million barrels of crude from the Strategic Petroleum Reserve last November, joining forces with India, Japan and South Korea to cope with the surge in oil prices as the economy recovers from the
pandemic.

The White House argues that the release of reserve oil has reduced the price of gasoline by about 10 cents
per gallon during the holiday driving season.
But with fuel and consumer prices rising and potentially jeopardizing Democratic control of the House and Senate, the White House remains under pressure
to control prices.
Analysts have said gasoline prices could break through $
4 a gallon amid tensions between Russia and Ukraine.
Automobile club AAA data shows that the average price of a gallon of regular unleaded gasoline on Wednesday was $
3.
54.

Crude oil prices have also continued to climb recently, with Brent crude futures trading near $97 and just 50 cents
away from the $100 a barrel mark on Tuesday.

As geopolitical tensions mount, several Wall Street banks and some oil industry executives expect oil prices to return to $
100.
J.
P.
Morgan said on Wednesday that assuming further escalation of tensions in Ukraine and the conclusion of a nuclear deal with Iran, Brent crude could average $110 a barrel in the second quarter
.