New U.S. bill reverses plan for selling oil from the SPR

American lawmakers submitted a draft for 2023, making it possible to cancel most of the oil sales from the Strategic Petroleum Reserve (SPR). Earlier, the U.S. Congress mandated for releasing fuel from emergency stockpiles in order to sell it on the global market.

The plan endorsed from 2024 to 2027 would release nearly 147 million barrels from strategic reserves. 

The bill's content suggests a 140 million-barrel shutdown of black gold sales from the SPR, according to ClearView Energy Partners, an independent research firm. Legislators, however, stand for keeping oil sales at 26 million barrels in 2023. 

The Biden administration has already initiated a strategic oil restocking last week. The U.S. authorities released 180 million barrels from the SPR beforehand in order to curb the black gold price growth. So, the country's strategic reserves reached 380 million barrels, the lowest level since 1984. This move added more pressure to the market about U.S. energy security.