to threaten the oil platforms, so they were pumping full throttle last year and hit the current record 13 million bbls/day (much to the chagrin of environmentalists and climate activists).
The "cherry on top" was a release of 1 million barrels of gasoline (which I didn't realize they had in addition to the crude but it was implemented as a result of Hurricane/Super Storm Sandy) - 2 weeks ago - ICYMI: “Biden to Release 1 Million Barrels of Gasoline to Reduce Prices at the Pump Ahead of July 4”
ETA - in response to the now-hidden post - see this thread for how much the U.S. sold reserve oil for - https://www.democraticunderground.com/10143008767
White House Begins Plan to Refill US Emergency Oil Reserves
By Ari Natter
December 16, 2022 at 12:00 PM EST
Updated on December 16, 2022 at 4:34 PM EST
The Biden administration is making good on a plan to replenish the nation’s emergency oil reserves, starting with a 3 million barrel purchase of crude. The purchase of barrels for February delivery follows a historic 180 million barrel release of oil from the US Strategic Petroleum Reserve to tame high gasoline prices amid Russia’s invasion of Ukraine and other supply issues.
“This repurchase is an opportunity to secure a good deal for American taxpayers by repurchasing oil at a lower price than the
$96 per barrel average price it was sold for, as well as to strengthen energy security,” the Department of Energy said in a notice Friday announcing the plan.
The announcement caps a year that saw President Joe Biden make unprecedented use of the SPR to help curb soaring domestic costs of fuel. The price of oil has come down in recent months and it’s now almost 40% off the highs seen in the immediate aftermath of the Russian invasion. Even so, the administration has repeatedly said it reserves the right to do more sales if needed.
US benchmark oil futures initially pared some losses on the news before eventually settling down 2.4% at $74.29 a barrel. The Biden administration previously laid out a plan to repurchase oil for the approximately 700 million barrel-strong reserve when the price of crude hit around $70 a barrel. The SPR — the world’s largest emergency supply — was created in 1975 in the wake of the Arab oil embargo.
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https://www.bloomberg.com/news/articles/2022-12-16/us-energy-department-to-buy-oil-to-replenish-emergency-reserve
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