As much as 180 million barrels of crude oil in a bid to calm oil prices, which have remained above $100 per barrel for an extended period of time.
The International Energy Agency is coordinating a smaller but international reserve release of some 60 million barrels and has called an emergency meeting to discuss how exactly to go about it.
Whether part of the 180 SPR release in the United States will be a completely separate endeavor or if some of these barrels will be part of the IEA release.
To release 30 million barrels as part of the IEA push.
The release of 50 million barrels in an effort to bring down prices t the pump, which were eroding Americans' purchasing power and weighing on the President's approval ratings.
As one oil market commentator on Twitter said about the SPR release news, the White House will be selling these barrels at $100 and then may have to buy them at $150. Indeed, one thing that tends to get overlooked during turbulent times is that the strategic petroleum reserve of any country needs to be replenished.
A 180-million-barrel reserve release will be quite a draw on the U.S. SPR, which currently stands at over 580 million barrels.
https://oilprice.com/Energy/Crude-Oil/How-Bidens-Huge-Strategic-Oil-Release-Could-Backfire.html
No comments:
Post a Comment