Biden to Sell 26 Million More Barrels , From the Strategic Petroleum Reserve.
Biden to Sell 26 Million More Barrels , From the Strategic Petroleum Reserve.
Reuters reports that the Biden administration made the announcement on Feb.
13.
The release was previously mandated by Congress.
The Department of Energy considered canceling the sale since a record 180 million barrels were sold last year.
But that would have required Congressional approval.
.
The reserves have already been at their lowest levels since 1983.
The 26 million oil barrels will be delivered between April 1 and June 30.
The Department of Energy says it has a three-part plan to refill the reserves over time.
It is also working with Congress to steer clear of "unnecessary sales unrelated to supply disruptions to strategically maintain volume.".
Since the announcement of the release of more crude, oil prices have fallen.
Brent crude futures dropped to $84.60 a barrel, and U.S. crude futures dropped to $77.93 a barrel
