Biden Administration to Sell 20 Million More Barrels of Oil From Strategic Petroleum Reserve.
President Joe Biden’s administration plans to sell an additional 20 million barrels of oil, according to a notice of the sale filed on July 26.
Interested parties were told to submit offers to the U.S. Department of Energy by Aug. 2 to purchase the oil, with delivery slated to take place between Sept. 16 and Oct. 21.
The oil is part of the Strategic Petroleum Reserve, a U.S. government facility that holds oil in caverns in Texas and Louisiana.
Biden, a Democrat, in March authorized selling 180 million barrels of crude oil from the reserve as part of his administration’s efforts to combat soaring gas prices.
More than 125 million barrels have been sold so far across four sales, according to the White House.
h/tSG