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White House sells 20 million barrels of SPR oil

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The Biden Administration is selling 20 million barrels of crude oil from the SPR.

The White House promoted a “new analysis” from the Treasury Department that says past SPR releases and foreign crude oil supplies lowered gas costs by 40 cents per gallon.

The Biden Administration also announced plans to acquire oil for the SPR “beyond FY2023” to boost near-term supplies.

“70 million barrels have been sold.”

The White House’s 125 million barrels include 70 million barrels previously sold. Rest will be provided in weeks and months.

The press statement emphasized the SPR releases’ effect thus far in reaction to “Russia’s invasion” and the “Putin price rise.”

This is President Biden’s sixth SPR sale. The statement included fixed-price future crude purchases to refill the SPR “and stimulate short-term production.”

According to Tuesday’s statement, these fixed price contracts would let producers to invest “knowing that the price they obtain when selling to the SPR will be locked in”

The fixed pricing idea hasn’t been approved, but the Department of Energy is proposing regulation this week to facilitate purchases.

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