FOX News: Biden to sell 26 million barrels more from the Strategic Petroleum Reserve
The Strategic Petroleum Reserve is currently at its lowest level since 1983
The Biden administration on Monday announced another sale of oil from the Energy Department's Strategic Petroleum Reserve (SPR), with 26 million barrels set to be delivered to the market from April 1 to June 30, which will take the number of barrels in the reserve to a new low dating back to 1983.
Unlike the largest-ever drawdown of the SPR that Biden announced in response to Russia's war in Ukraine, the latest release of 26 million barrels is in response to a requirement included in two laws enacted by Congress during the Obama administration under the Bipartisan Budget Act of 2015 and the Fixing America's Surface Transportation (FAST) Act.
The announcement comes ahead of a potential uptick in gas prices as the U.S. nears the summer driving season.
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WNU Editor: The Biden administration is trying to keep oil prices and the inflationary impacts that it can have as low as possible. Unfortunately, this is only a short term measure. The real solution is to expand domestic oil and gas production, but this is a policy that the Biden administration has all but discouraged since taking office.
Biden Administration To Sell 26 Million Barrels Of Oil From The U.S. Strategic Oil Reserve
US to Sell 26 Million More Barrels From Strategic Oil Reserve -- Bloomberg
U.S. to sell 26 mln bbls of oil reserves as mandated by Congress -- Reuters
US to move forward with scheduled 26M barrel sale from strategic oil reserve -- The Hill
Biden To Sell 26 Million Barrels From the Strategic Petroleum Reserve in Hopes of Preventing Summer Gas Surge -- Yahoo News