U.S. Plans To Sell 26 Million Barrels Of Oil From Strategic Reserve

180 million barrels sold last year from Strategic Petroleum Reserve

  • The Biden administration intends to withdraw 26 million barrels of oil from the Strategic Petroleum Reserve this fiscal year, effectively dropping the reserves to its lowest level in forty years.
  • The release is mandated per laws enacted during the Obama administration in 2015 and is set to be delivered to the market between April 1 and June 30.
  • Canceling the sale was considered by the U.S. Department of Energy but would have required Congressional action.