Friday, May 30, 2025

Latest

Biden Bleeds Strategic Petroleum Reserve To Lowest Level Since 1984

The United States Department of Energy has sold the last batch of crude oil from the historic Strategic Petroleum Reserve (SPR) release. The SPR level is now down to 401.72 million barrels, the lowest since 1984.

The SPR is a federally-owned stock of emergency crude oil that was established to ease the impact of supply disruptions and to fulfill US obligations under the international energy program. It is the largest supply of emergency crude oil in the world.

Via Axios

Earlier in 2022, the Biden administration authorized the release of 180 million barrels — the most ever in the reserve’s history — as a way to bring down skyrocketing gas prices amid Russia’s invasion of Ukraine, a surge in demand as consumers emerged from the pandemic, and US producers initially struggling to raise output

This week the last of this release made, a total of 15 million barrels, were sold to six companies — Phillips 66, Marathon Petroleum Supply and Trading LLC, Shell Trading (US), Valero Marketing and Supply, Macquarie Commodities Trading US, and Equinor Marketing and Trading.

According to estimates from the US Treasury, the record release slashed gasoline prices by as much as 40 cents per gallon. But the sale also contributed to the unraveling of the US’ relations with Saudi Arabia. The middle eastern country sided with Russia at OPEC in October and announced an oil production cut of 2 million barrels per day.

In response, President Joe Biden said that it would authorize the release of more oil from the emergency reserve in early 2023 to cut gas prices. 


Information for this briefing was found via Reuters, Axios, the US Department of Energy, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

First Majestic Makes Second Major Discovery At Santa Elena In Just A Year

Related News

US To Impose Sanctions On Russia’s Lower House, Block Gold-Related Transactions With Central Bank

The US is pushing up the ante on its sanctions against Russia related to the...

Thursday, March 24, 2022, 03:47:00 PM

Biden-Trump Debate Summary: Face-Off Would Make One Ask Why US Only Has To Choose Between These Two

Incoherence or falsehoods: these are essentially the choices an American is likely to have at...

Friday, June 28, 2024, 12:43:39 AM

Biden Pledges $7 Billion For Hydrogen Hubs

Seven regions spanning from Pennsylvania to California will collectively receive $7 billion in funding to...

Monday, October 16, 2023, 08:25:44 AM

Joe Biden Gets Ridiculed During State of the Union Speech, Trump Issues “Real” Version

US President Joe Biden’s State of the Union address was so ill-received the audience erupted...

Thursday, February 9, 2023, 06:11:00 AM

Biden Administration Unveils $4.3 Billion Plan for Domestic Uranium Production

The Biden administration is urging lawmakers to pass a $4.3 billion plan that would purchase...

Wednesday, June 8, 2022, 12:12:00 PM