The Biden administration is mulling a plan to release roughly a million barrels of oil a day from U.S. reserves for several months to combat inflation. Oil tumbled on signs the U.S. is considering tapping its reserves again in a potentially massive release aimed at managing inflation and supply shortages following Russia’s invasion of Ukraine. West Texas Intermediate futures fell as much as 6.8%, before paring some of those losses to trade near $102. The U.S. is weighing a release of roughly 1 million barrels of oil a day for several months, said people familiar with the matter. The news comes ahead of an OPEC+ meeting Thursday and follows calls by key members for the U.S. to trust its strategy of managing the market. The total reserve release could be as much as 180 million barrels, the people said, providing relief to a market that’s tightened significantly due […]