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In 2022, the Biden administration sold 180 million barrels of oil from the Strategic Petroleum Reserve over 6 months. The sale lowered the SPR to its lowest levels in 40 years and was the largest ever release of oil from the SPR. [ 10 ]
In an aerial view, the Strategic Petroleum Reserve storage at the Bryan Mound site is seen on Oct. 19, 2022 in Freeport, Texas. Despite the drastic drop in SPR during Biden's tenure, ...
September 30, 2022 at 7:00 AM. ASSOCIATED PRESS. President Joe Biden’s Administration has presided over an unprecedented drainage of oil from America’s Strategic Petroleum Reserve ...
The administration withdrew a record 180 million barrels in 2022 to counter supply issues created by Russia’s invasion of Ukraine — but Energy Secretary Jennifer Granholm said in March that ...
In February 2022, this amounted to close to two years' worth of net oil imports held in IEA member states' strategic petroleum reserves. [2] The U.S. Strategic Petroleum Reserve has consistently held the largest strategic reserve. [1] [3] Some non-IEA countries have
The administration hopes that tapping the Strategic Petroleum Reserve, a move that comes just weeks before the midterm elections, will bring relief to voters who have been struggling from high ...
One of Biden’s top energy aides confirmed Friday that no extension of releases from the Strategic Petroleum Reserve - scheduled to end this fall - is in the offing. ... July 22, 2022 at 4:54 PM.
Proven oil reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions.