US to Sell 20Mln Barrels More From Oil Reserve for 200Mln in Total
The current reserve level stands at just around 480 million barrels, with the bulk of it drawn down by the Biden administration in its bid to lower record high fuel domestic prices in the aftermath of the Western sanctions imposed on Russian oil imports over the Ukraine conflict.The White House issued a statement saying gasoline at US fuel pumps were down at least 40 cents per gallon as a direct result of the SPR releases of crude into the market. On Tuesday, the average gasoline price at the pump was at $4.32 a gallon from an all-time high of $5.01 in mid-May, the American Automobile Association said.The Department of Energy also announced plans to repurchase oil for the SPR in future years, likely after the government’s financial year ending in 2023.The Biden administration has, however, been criticized for using the SPR to lower fuel prices when it was meant purely for emergency situations of short supply.
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