Washington, Nov 24, : The US Department of Energy will authorize the release of 50,000,000 barrels of oil from its Strategic Petroleum Reserve (SPR).
This is to lower oil prices, and address the mismatch between supply and demand, according to the White HouseAccording to Xinhua, 32 million barrels of the 50 million barrels will be exchanged over the next few months.This will release oil that will eventually return the SPR in years ahead.18 million barrels will represent an acceleration in the next few months of a sale oil that Congress had previously authorized, it said.The White House stated that this release would be made in parallel with other major energy-consuming countries, which would help lower oil price "This is the culmination of weeks of consultations with countries all over the globe, and we already see the impact of this work on oil price.
Oil prices have fallen nearly 10% in the last few weeks since the public reports of this work were made public.The announcement was made at a time when fuel prices and inflationary pressures had risen in the country over recent weeks.According to the American Automobile Association (AAA), Tuesdays national average price per gallon of regular gasoline was $3.403, $1.29 more than last year "Todays announcement reflects Presidents commitment that he will do everything possible to bring down costs for American people and continue our strong economy recovery," the White House stated.President Joe Biden is ready to take additional actions, if necessary, to coordinate with the rest of world to ensure adequate oil supply.
The SPR, the largest global supply of emergency crude oil, has been established by the US federal government in 1970s to reduce the impact on disruptions in petroleum products supplies.According to the Energy Department, the SPR had 604.5 million barrels crude oil as of November 19.This includes 352 million barrels sour crude and 252.5 millions sweet crude.ksk/ #Barrels #Strategic #Petroleum #Reserve.
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