June 7, 2023

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The United States sells 18 million barrels of oil reserves

The United States sells 18 million barrels of oil reserves

The U.S. Department of Energy said on Friday that it would sell 18 million barrels of crude oil from a strategic reserve on December 17 as part of an earlier plan to reduce petrol prices.
The administration of President Joe Biden announced last month that it would release about 50 million barrels of its reserves in conjunction with other consuming countries, including China, India and South Korea, to address higher fuel prices.

While the president has some tools to combat crude oil prices, the White House is trying to address Americans’ concerns about rising global fuel prices and inflation, which are affected by a number of factors.

Oil prices soared to more than $ 86 a barrel at the end of October in 7 years due to rising worldwide fuel demand, but fell 13% later as a result of the US announcement and exposure to Omicron strain. New mutant corona virus that undermines travel around the world.

The benchmark Brent index closed at $ 75.15 a barrel on Friday.

According to the American Automobile Association, the average retail petrol price in the United States is $ 3.33 a gallon, the lowest since mid-October. It rose to $ 3.42 a gallon in early November.

The United States has nearly 600 million barrels of crude oil in giant caves in Texas and Louisiana. Its current stock is at its lowest level since 2003.

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