The Biden administration has announced plans to sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve (SPR)—the fifth sale the administration has held since Biden took office.
In what a White House press release calls a “historic release,” 125 million barrels of oil have already been sold from the SPR, 70 million barrels of which have already been delivered to various buyers.
The Biden Administration says the releases are intended to reduce the price of gasoline at the pump for consumers, by increasing the available supply of oil. A report from the U.S. Department of the Treasury calculates that these releases have kept gas prices up to 40 cents per gallon below what they would otherwise have been.
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