President Biden is expected to announce the sale of an additional 15 million barrels from the Strategic Petroleum Reserve
The announcement of the sale is the latest step in the White House’s unprecedented plan to balance global markets and dampen soaring gas prices. It marks an extension of the six-month program that was designed to provide a bridge for domestic producers to ramp up their own production as the global market faced spasms in the wake of Russia’s invasion of Ukraine, even as the release is composed of barrels earmarked in his March announcement.
Biden will announce that the administration intends to repurchase crude oil for the emergency reserve when prices are at or below between $67 and $72 per barrel. “We think that’s an important signal for producers that the SPR will be part of helping to helping to moderate and stabilize price flows – not only when prices are going high but when prices are going low,” the official said.
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