SME Times is powered by   
Search News
Just in:   • Higher fiscal spending, consumption recovery lift India's Q2FY22 GDP above 8%  • Samsung unveils new auto chips for high-end cars  • Apr-Oct fiscal deficit over 36% of FY22 target  • Delhi HC order costs PSU insurance officials their Director post  • Inflation concerns 
Last updated: 24 Nov, 2021  

Crude.Thmb.jpg US to release 50mn barrels of oil from strategic petroleum reserve

Crude oil
   Top Stories
» Higher fiscal spending, consumption recovery lift India's Q2FY22 GDP above 8%
» Apr-Oct fiscal deficit over 36% of FY22 target
» 21.52 cr loans extended to women under Mudra Yojana
» Skill India launches programme to upskill street food vendors
» No proposal to recognise Bitcoin as currency: FM
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.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 01 Dec, 2021
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» 'Close contact with customers key to good customer services'(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter