U.S.: 50 million barrels of crude oil to Alleviate the mismatch between oil supply and demand. According to the announcement of the White House, the White House announced on the 23rd that the U.S. Department of Energy will release 50 million barrels of crude oil from the Strategic Petroleum Reserve to alleviate the mismatch between oil supply and demand and reduce oil prices when the economy recovers from the new crown epidemic.
The U.S. Department of Energy said that the 50 million barrels of crude oil will be put on the market as early as mid-to-late December this year, of which 18 million barrels have been approved by Congress for direct sales, and the other 32 million barrels are short-term exchanges, which will be agreed in 2022 after oil prices stabilize. Return to the Strategic Petroleum Reserve by 2024. Data from the U.S. Department of Energy showed that as of November 19, the U.S. Strategic Petroleum Reserve held about 605 million barrels of oil.
Recently, the price of gasoline in the United States has risen to a seven-year high, and domestic calls for the release of strategic oil reserves to stabilize oil prices have been rising. U.S. President Biden also urged the Federal Trade Commission to launch an investigation into possible violations of U.S. oil and gas companies that have led to persistently high gasoline prices.
Average U.S. gasoline prices are now about 61 percent higher than they were a year ago, according to the American Automobile Association.
According to data from the New York Mercantile Exchange, as of the close on the 22nd, the price of light sweet crude oil futures for delivery in January 2022 was $76.75 a barrel. Brent crude futures in London for January 2022 delivery were at $79.70 a barrel.
The White House announced on the same day that the U.S. Department of Energy will release 50 million barrels of crude oil from the Strategic Petroleum Reserve to alleviate the mismatch between oil supply and demand and reduce oil prices when the economy recovers from the new crown epidemic.
