The Epoch Times By
President Joe Biden announced on March 31 that the United States will release an unprecedented 180 million barrels of oil from the nation’s Strategic Petroleum Reserve (SPR) over the next several months.
The oil will be put out into the market at a pace of 1 million barrels per day on average for the next six months starting in May, and this will come in concert with releases from other countries around the world, according to a senior administration official on a call with reporters ahead of the president’s announcement.
The administration plans to restock the reserves when oil prices come down, “to prepare for future emergencies, and also to provide the right signal to the market,” a senior administration official said.
News of the announcement caused oil prices to take a plunge on March 31 while the oil-producing nations of OPEC+, which includes Russia, stuck to their existing deal for May output of 432,000 barrels per day.
