Monday’s announcement by the Biden administration indicated that 26 million barrels were being sold from the Strategic Petroleum Reserve. This release was mandated in previous years by Congress.

The sale will likely temporarily lower the reserve to 372 million barrels. This is the lowest level since 1983. The U.S. Energy Department stated that bids for oil will be due February 28th and that oil would be delivered between April 1 and June 30.

After the Biden administration’s record 180 million barrels of reserve sales last year, the department considered cancelling the fiscal 2023 sale. However, Congress would have to act in order for such a cancellation to be possible. To combat rising fuel prices due to Russia’s war against Ukraine and the COVID-19 pandemic, the administration sold 180 million barrels oil.

According to the Energy Department, it has a three-part strategy for replenishing the reserve over the long term. This includes repurchases from revenues from emergency sales, returns of previous exchanges and working with Congress to avoid unnecessary sales unrelated to supply disruptions in order to strategically maintain volume.

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After an Energy Department proposal, Congress cancelled the sale of approximately 140 million barrels from SPR last year. These sales were to have taken place between fiscal years 2024 and 2027.

Newsmax.com

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