US to Sell 18 Million Barrels of Oil from Strategic Petroleum Reserve

The U.S. holds roughly 600 million barrels of crude oil in giant caverns in Texas and Louisiana. Its current inventory is at its lowest since 2003.

Reuters

The U.S. Department of Energy said on Dec. 10 it will sell 18 million barrels of crude oil from its strategic petroleum reserve (SPR) on Dec. 17, as part of a previous plan to try to reduce gasoline prices.

The Biden administration announced last month it would release about 50 million barrels from its reserves in conjunction with other consumer countries including China, India and South Korea to combat the rising cost of fuel.

The White House has been trying to deal with Americans’ worries about high fuel costs and inflation as drivers emerge from the pandemic, even though the president has few tools to deal with the price of crude, a global market influenced by numerous factors.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access