The Biden administration plans to withdraw 26 million barrels of oil from the Strategic Petroleum Reserve (SPR) this fiscal year, after a sale of 180 million last year, effectively pushing the reserves to its lowest level in four decades. The sale from SPR is set to be delivered to the market between April 1 and…
US Intends to Sell 26 Million Barrels of Oil From Strategic Petroleum Reserve, to Lowest Level in 40 Years
White House Now Looking to Refill SPR at $70 per Barrel
November 30, 2022
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Business & MarketseconomyenergyMarketsoil pricesSPR restockingStrategic ReserveUSUS Strategic Petroleum Reserve
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The Biden administration has changed its stance on refilling the Strategic Petroleum Reserve (SPR) after significantly depleting it earlier in its attempt to control oil prices. During an interview with Bloomberg, energy security advisor Amos Hochstein said that the White House will consider replenishing the SPR once oil prices are “consistently” at the level of…
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