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.
Click to read full article

Sign Up for Our Newsletter

Join our list!

Sign up here to get our daily newsletter with the top trending headlines.