US seeks to stop selling oil reserves to replenish depleted reserves

The U.S. Congress has ordered the sale of a part of the Strategic Petroleum Reserve to replenish its emergency reserve. The Biden administration opposed it.

ClearView Energy Partners has disclosed details of Congress' plan. According to the data, Congress has mandated to sell 35 million barrels of oil in fiscal year 2024 and 147 million barrels over the entire period. Implementation of the sale plan is scheduled for fiscal years 2024 through 2027.

The U.S. Treasury Department is trying with all its strength to postpone the start of implementation or cancel it altogether. This is done so that the White House can implement its own plan to replenish oil reserves when the oil price reaches $70 per barrel.

Doug McIntyre, the department’s Deputy Director for the Office of Petroleum Reserves, said it’s necessary to focus on one thing at a time. It doesn’t make sense to sell oil and replenish the Strategic Petroleum Reserve at the same time.