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News > U.S.

US to Release 15 Million Barrels of Oil From Its Oil Reserve

  • U.S. President Joe Biden speaks in the Rose Garden at the White House in Washington, D.C

    U.S. President Joe Biden speaks in the Rose Garden at the White House in Washington, D.C | Photo: Aaron Schwartz/Xinhua

Published 18 October 2022
Opinion

Joe Biden's administration will release 15 million barrels of oil from the U.S. Strategic Petroleum Reserve and deliveries are expected to occur in December, the White House said in a press release Tuesday.

"First, the Department of Energy (DOE) is issuing a Notice of Sale tomorrow morning for 15 million barrels from the Strategic Petroleum Reserve (SPR) to be delivered in December." the White House announced in the press text.

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It added, "This sale will complete the historic, 180-million-barrel drawdown the President announced in the spring,".

According to the statement, the U.S. intends to buy back crude oil to replenish the SPR when prices are at or below $67 to $72 per barrel.

According to the West Texas Intermediate benchmark, crude oil is currently at around $83 per barrel.

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Petroleum Reserve Oil Prices

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