By: Franyi Sarmiento, Ph.D., Inspenet, June 17, 2022
The United States Department of Energy announced Tuesday that it will sell 45 million barrels of oil from its strategic reserve, as part of a plan by President Joe Biden to reduce the cost of gasoline.
According to a statement, the deliveries of the sale would take place between August 16 and September 30, TASS reported.
On March 31, Biden announced that the United States would release, for six months, one million barrels of oil per day from its strategic national reserve to try to reduce the cost of gasoline, which this week reached five dollars a gallon for the first time. time in history.
The Department of Energy indicated that it will use the proceeds from the sale to purchase power and replace it in future years.
On March 8, Biden announced an embargo on US imports of Russian oil and gas, as part of the sanctions against Moscow for its military operation in Ukraine.
The US strategic oil reserve is a set of underground salt caverns in Texas and Louisiana that can contain more than 700 million barrels of oil. They were created in the 1970s after the Arab oil embargo.
This material from the ÚltimasNoticias portal was edited for clarity, style and length.
Source : https://ultimasnoticias.com.ve/noticias/mundo/eeuu-vendera-petroleo-de-su-reserva-estrategica/
Photo : StockStudio Aerials / Shutterstock.com
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