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The US will sell an additional 20 million barrels of oil from its strategic reserve

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The US Department of Energy announced today that it will sell up to an additional 20 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) as part of a plan by US President Joe Biden to mitigate the rise in fuel prices

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The administration announced in March that The United States would add a total of 180 million barrels of oil to the global market (one million a day for 180 days or six months), and “the 20 million barrels are included in that effort,” explained senior Administration officials, quoted by the Efe agency.

The sale will be made with crude oil from the following three SPR sites:

  • Up to 7.6 million barrels from Big Hill
  • Up to 9.6 million barrels from West Hackberry
  • Up to 2.8 million barrels from Bryan Mound

To date, the United States has put on the market 125 million barrels of its strategic reserves, located in caverns on the coast of the Gulf of Mexico, and almost 70 million of them have already been delivered to buyers, according to a senior government official. .

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The White House assures that never in world history has so much crude (180 million barrels) been released at this rate.

In addition to the oil released by the United States, other countries have put some 60 million barrels on the market with the aim of satisfying demand and lowering prices, according to the aforementioned officials.

These actions have served to mitigate what the White House calls “Putin’s price hike”, a phrase with which Washington refers to the increase in the cost of gasoline due to the war in Ukraine and the sanctions that the West has imposed on Russia, including its energy sector.

According to the Department of Energy, actions by Biden and other U.S. partners to increase supply have made gasoline cost 40 cents less per gallon (11 cents per liter) than it would have if none had been taken. measure.

Since arriving at the White House in January 2021, Biden has ordered the release of oil from his strategic reserves three times: the 180 million at the end of March, another 30 at the beginning of that month and 50 million in November of last year.

With information from Eph.

Source: Larepublica

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