The US is selling another 26M barrels of oil reserves — depleting the 'oil piggy bank' even further. But here's President Biden's 3-part plan to replenish it
Story by Serah Louis • 5h ago
President Biden is pulling more crude from the Strategic Petroleum Reserve (SPR) due to a budget mandate from 2015 — depleting the “oil piggy bank” further to 345 million barrels.
The Department of Energy announced earlier this month that it would be selling 26 million barrels of crude oil, even though it had previously considered canceling the sale.
While the Biden administration has a three-part plan to refill the emergency reserves, they’re already down to 372 million barrels — a record low since 1983. And the coming release is expected to push stockpiles down even further.
This year’s SPR release was mandated by Congress years ago
Legislation from 2015 established SPR sales from 2018 through 2025 to fund federal spending — which means Congress would have needed to intervene to halt this year’s sale.
The Energy Department says bids on the oil are due on Feb. 28 and that the oil will be delivered from April 1 to June 30.
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