WASHINGTON (Pakistan Point News / Sputnik - 20th September, 2022) The United States is releasing an additional ten million barrels of crude oil from its Strategic Petroleum Reserve, the US Department of Energy said on Monday.
"The US Department of Energy's (DOE) Office of Petroleum Reserves today announced a Notice of Sale of up to 10 million barrels of crude oil to be delivered from the Strategic Petroleum Reserve (SPR) in November 2022," the Energy Department said in a press release.
To date, the United States has sent 165 million barrels out of the 180 million barrels President Joe Biden authorized in March, the release said.
The Biden administration has been drawing down from the SPR since last November, but the outflows accelerated in May when it embarked on a battle to bring down the spiraling price of gasoline at the pump that had bumped US inflation to 40-year highs.
The US president committed to draw down 180 million barrels from the SPR over a six month period - or roughly one million barrels per day - between May and October.
