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: 31.12.2025 Expectation: 1000 pips
Selling GBPUSD following yesterday’s BoE meeting
Today at 10:30 AM 10
Brent sell
Period: 21.11.2025 Expectation: 300 pips
Brent crude pulls back and gives up its previous gains
Today at 08:31 AM 13
Period: 10.11.2025 Expectation: 1300 pips
Selling GBPUSD down to 1.30160
Yesterday at 10:28 AM 23
Period: 14.11.2025 Expectation: 300 pips
Golden cross signals potential gas rally
Yesterday at 08:51 AM 61
Period: 11.11.2025 Expectation: 600 pips
USDCAD is poised to test six-month high at 1.417
05 November 2025 51
Period: 30.04.2026 Expectation: 11000 pips
GBPUSD selloff on weaker UK economic data
05 November 2025 27
Go to forecasts