US Strategic Petroleum Reserve tumbles to 38-year low

19/10/2022 Argaam


The US Strategic Petroleum Reserve (SPR) shed 36% since President Joe Biden took office in January 2021, reaching its lowest level since January 2021, CNN reported.

 

SPR is slated for further declines, with Biden planning to sell an additional 15 million barrels of oil reserves in December, as part of a program announced in late March to release 180 million oil barrels within six months.

 

US administration officials said Biden will make such an announcement today, Oct. 19, during a speech on his efforts to reduce gasoline prices, the Financial Times reported.

 

This comes as the US administration seeks to prevent further increases in gasoline prices, while also balancing oil markets.

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