Will give out 10 to 15 million barrels between now and midterms. Earlier this week, President Biden suggested he would announce new actions to address rising gas prices,…
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Administration Reassessing Relationship with Saudi Arabia
OPEC’s oil supply reduction plays heavily in discussions. Last week, the Organisation of the Petroleum Exporting Countries (OPEC+) announced that they will be reducing their petroleum output by…
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Administration May Release More from Strategic Petroleum Reserve
The intent is to mitigate winter heating oil prices. President Biden’s administration is considering the release of more crude oil from the nation’s Strategic Petroleum Reserve after the…
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Secretary Granholm Estimates “Record” 2023 Oil Production
Anticipates restocking global oil market without Russian supply. Energy Secretary Jennifer Granholm recently said the United States is set to produce around 12.7 million barrels of oil per…
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Treasury Finds Gas Prices Improved with SPR Releases
Officials estimate fuel releases kept prices 20 to 40 cents lower. The Department of the Treasury released calculations this past week that estimate tapping into the Strategic Petroleum…
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House Votes to Sell Reserve Oil to China
Strategic Petroleum Reserve is at its lowest since 1985. While average gas prices at the pump have decreased from their $5 peak, gasoline is still significantly more expensive…
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American Oil Reserves Being Sent Overseas
Strategic Petroleum Reserve being reduced by 1 million barrels daily. Since March 31, the United States is releasing 1 million barrels of oil per day from its strategic…
Read MorePresident Orders Strategic Petroleum Reserve Release
Size of release intended to lower gas prices and stem inflation. President Biden is ordering the release from the Strategic Petroleum Reserve of one million barrels per day…
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U.S. and Allies Release 60 Million Oil Barrels from Reserves
Covers deficiencies from cutting off the Russian oil trade. The White House and the International Energy Agency (IEA) announced on Tuesday that they would be dipping into global…
Read MoreEnergy Department Bolsters Fuel Supply
Approves 13.4 million barrels from reserve exchange. The Department of Energy approved additional exchanges of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) last…
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