2 December 2022 | Macroeconomics

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
Selling US gas and waiting for the price to move to the level of 1.85
Today at 11:21 AM 10
USDJPY on the verge of decline due to increased risk of currency intervention
Today at 10:05 AM 23
Japanese Ministry of Finance intervention risk is rising
Today at 08:40 AM 20
EURUSD rebound has already exhausted most of its potential
Yesterday at 11:33 AM 35
Selling USDCAD at the trend support level of 1.3545 amid strengthening of the Canadian currency
Yesterday at 10:28 AM 81
Selling AUDCAD with a target at 0.8880
Yesterday at 08:48 AM 38
Go to forecasts