2 December 2022 | Other

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.

Company MarketCheese
Period: 03.10.2026 Expectation: 5100 pips
Sell USDJPY down to 152.00
Today at 10:22 AM 20
Period: 03.10.2026 Expectation: 175 pips
Invest in ETHUSD up to $2,565
Today at 08:13 AM 11
Period: 30.09.2026 Expectation: 13000 pips
Go long on Brent crude with $99.50 target
Yesterday at 12:02 PM 28
Expectation: 1200 pips
SPX sell-off targets 7,500
Yesterday at 12:02 PM 20
Period: 02.10.2026 Expectation: 3300 pips
Buy NVIDIA stocks on earnings release
Yesterday at 08:20 AM 25
Gold buy
Period: 30.09.2026 Expectation: 13000 pips
Go long on gold with $4,560 target
Yesterday at 06:44 AM 30
Go to forecasts