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.

$250 Million to seize your guns! The Biden Admin is spending $250 million of your tax dollars to help states pass unconstitutional Red Flag laws meant for only one purpose… to seize your guns. If you don’t join us RIGHT NOW in protecting our right to bear arms, there’ll be no 2nd Amendment left to defend. Will you help the Freedom and Prosperity PAC stop this end-run around the 2nd Amendment? 1776 Coalition Sponsored

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

Important: In minutes, find your real retirement date! More Information Here