Biden Administration To Announce This Week A Release Of Even More Oil From The Strategic Petroleum Reserve

Bloomberg: White House Planning Oil Reserve Release Announcement This Week

(Bloomberg) -- The Biden administration is moving toward a release of at least another 10 million to 15 million barrels of oil from the nation’s emergency stockpile in a bid to balance markets and keep gasoline prices from climbing further, according to people familiar with the matter.

The Strategic Petroleum Reserve release would be the latest tranche of a 180-million-barrel program that began in the spring.

The Biden administration also is set this week to provide details on plans to replenish the emergency stockpile. The Energy Department announced in May it was planning a new method of buybacks to allow for a “competitive, fixed-price bid process,” with prices potentially locked in well before crude is delivered.

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Update: The oil market is worried Biden could release another 100 million barrels of crude from strategic reserves, analyst says (Business insider).

WNU Editor: The midterm elections are only 3 weeks away.

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