Biden will release 15 million barrels of oil from his strategic reserve

The President of the United States, Joe Biden, announced that the Department of Energy will release on Wednesday15 million barrels of strategic petroleum reserve (SPR) from the country with a target for delivery in December.

The White House said in a statement that Biden directed his administration to take these steps to enhance energy security, address supply shortages and reduce costs.

President Biden is committed to doing everything he can sResponse to price hikes From (Russian President Vladimir) Putin at the pumps”, he gathers the message that global oil supply flows are being challenged by Russia’s actions.

Washington will deliver these additional barrels in December, in order for the sale to complete this historic reduction of 180 million barrels announced by the President.

The Biden administration reports that these policies help “stabilize the energy market and price reduction from suppliers.

Likewise, the US President notified the Department of Energy to prepare for additional sales for the winter, in case of necessity “due to Russian actions, among other things, Global market disruption».

In addition, the United States intends to buy crude oil when prices are below $67-72 a barrel, while the aforementioned administration will propose fixed-price contracts through bidding processes, she detailed.

“This approach… will help create certainty About future order of crude oil,” the White House noted, so that these policies help improve the energy security of the North American country.

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