Thursday, 25 July 2024

America to withdraw from oil reserves if gasoline prices keep rising

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The administration of US President Joe Biden intends to withdraw more oil from the strategic reserve to stop any jump in gasoline prices this summer.

Amos Hockstein, an adviser to Biden, said oil prices are still too high for many Americans and he would like to see prices come down some.

He added, “The United States will continue purchasing until next year until we believe that the Strategic Petroleum Reserve has the quantity it needs again to serve its original purpose of energy security,” according to the Financial Times.

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This year, the Ministry of Energy is purchasing about 3 million barrels of oil per month for the strategic petroleum reserve, after selling 180 million barrels in 2022 after Russia’s invasion of Ukraine.

This step is an attempt to reduce gasoline prices, which have risen to more than $5 per gallon, but it also reduces reserves to the lowest level in 40 years.

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