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US to release 50mn barrels of oil from strategic petroleum reserve
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IANS | 24 Nov, 2021
The US Department of Energy will authorise the release of 50 million
barrels of oil from the Strategic Petroleum Reserve (SPR) to lower oil
prices and address the mismatch between demand exiting the pandemic and
supply, the White House said.
Of the 50 million barrels, 32
million barrels will be an exchange over the next several months,
releasing oil that will eventually return to the SPR in the years ahead,
Xinhua news agency quoted the White House as saying on Tuesday.
Meanwhile,
18 million barrels will be an acceleration into the next several months
of a sale of oil that Congress had previously authorised, it added.
The
White House noted that this release will be taken in parallel with
other major energy consuming nations, which would help lower oil prices.
"This
culminates weeks of consultations with countries around the world, and
we are already seeing the effect of this work on oil prices. Over the
last several weeks as reports of this work became public, oil prices are
down nearly 10 per cent."
The announcement came as fuel prices and inflationary pressures have climbed in the country in recent weeks.
The
national average price for a gallon of regular gasoline was $3.403 as
of Tuesday, $1.29 dollars more than a year ago, according to the
American Automobile Association (AAA).
"Today's announcement
reflects the President's commitment to do everything in his power to
bring down costs for the American people and continue our strong
economic recovery," the White House said, adding President Joe Biden
stands ready to take additional action, if needed, to work in
coordination with the rest of the world to maintain adequate oil supply.
The
SPR, the world's largest supply of emergency crude oil, was established
by the US federal government in the 1970s primarily to reduce the
impact of disruptions in supplies of petroleum products.
As of
November 19, the SPR held 604.5 million barrels of crude oil, including
352 million barrels of sour crude and 252.5 million barrels of sweet
crude, according to the Energy Department.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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84.35
|
82.60 |
UK Pound
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106.35
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102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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