(Bloomberg) — The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, fulfilling budget directives mandated years ago that it had sought to stop as oil prices have stabilized.
The congressionally mandated sale will amount to 26 million barrels of crude, according to people familiar with the matter. The sale is in accordance with a budget mandate enacted in 2015 for the current fiscal year, said a spokesperson for the Department of Energy.
The Energy Department has sought to stop some of the sales required by 2015 legislation so that it can refill the emergency reserve, which currently has about 371 million barrels. After this latest release, the reserve will dip to about 345 million.
Biden officials decided last year to tap 180 million barrels from the strategic reserve in an effort to ease supply issues after Russia invaded Ukraine, upending global oil flows and sending crude above $100 a barrel. Some Republicans have criticized the Biden administration for that drawdown, which was the biggest release ever and helped drain the SPR to its lowest level since 1983. Critics admonished the move as a political stunt intended to combat rising gasoline prices ahead of midterm elections.
Biden officials have since spoken with energy companies about purchasing oil to refill the SPR when prices approach $70 a barrel.
Biden had to borrow $250,000.00 to pay his personal bills. He has increased our debt by $6 Trillion, we are low on military ammunition, he’s selling our strategic oil reserves and his memory abilities are running on empty.
Biden was put on Stolen office by the LEFT Democrats to RUIN America all he can !!!
With Biden there will be No more reserve !!!! He wants it EMPTY !!!
Biden Only wants ELECTRIC RESERVES !!!!!!! he is using Up the Oil so there is NONE !!!! Not Green enough !!!!!!
barack hussein obama is hell bent in destroying this country.
Pedo Peter’s handlers in China have him making preparations for war. We will be defenseless soon. America has been destroyed from the inside and will soon cease to exist.
Like his head!
Democrats will be the FIRST to DIE when China Takes over !!!! They too stupid to see it coming !!! DUGH