• 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.

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