Tapping Oil Reserve Again: Biden Administration will release more barrels of oil
Another 10 to 15 million barrels of oil are set for release from the nation’s emergency stockpile.
The latest release from the Strategic Petroleum Reserve is an extension of the Biden Administration’s plan to release 180 million barrels earlier this year. Details are expected this week on a plan to restock those reserves, which could actually drive prices higher.
The Energy Department previously said it hoped to begin a new method of buybacks that could potentially lock in prices before delivery. U.S. diesel inventories are now at their lowest since records started in 1982, causing the Administration to also consider temporary limits on exports.