US Intends to Sell 26 Million Barrels of Oil From Strategic Petroleum Reserve, to Lowest Level in 40 Years

The Biden administration plans to withdraw 26 million barrels of oil from the Strategic Petroleum Reserve (SPR) this fiscal year, after a sale of 180 million last year, effectively pushing the reserves to its lowest level in four decades.
The sale from SPR is set to be delivered to the market between April 1 and June 30. The release is mandated as per laws enacted by Congress during the Obama administration in 2015. The U.S. Department of Energy considered canceling the sale for this fiscal year. However, such a move would have required action from Congress. Following the sale, the SPR will move to its lowest level since August 1983….}