Biden Taking Strategic Oil Reserve to Lowest Level Since 1983 – His Plan for Keeping Down Prices Won’t Last Forever
Biden is planning on taking more oil out of the strategic oil reserve bringing it to the lowest level in 40 years. While escalating war on the other side of the world, this is madness.
The Biden administration said Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years.
The sale will likely temporarily push the reserve below its current level of about 372 million barrels, the lowest level since 1983. U.S. Energy Department said bids on the oil are due on Feb. 28 and that the oil would be delivered from April 1 to June 30.