WASHINGTON, Oct 19 (NNN-TELESUR) — Joe Biden’s administration will release 15 million barrels of oil from the US 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.
It added, “This sale will complete the historic, 180-million-barrel drawdown the President announced in the spring,”.
According to the statement, the US 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. — NNN-TELESUR
