Biden Taking Strategic Oil Reserve to Lowest Level Since 1983 – His Plan for Keeping Down Prices Won’t Last Forever

  • by:
  • Source: Joe Hoft
  • 02/15/2023

The Biden administration said Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years.

The sale will likely temporarily push the reserve below its current level of about 372 million barrels, the lowest level since 1983. U.S. Energy Department said bids on the oil are due on Feb. 28 and that the oil would be delivered from April 1 to June 30.

The department had considered canceling the fiscal year 2023 sale of the 26 million barrels after the Biden administration last year sold a record 180 million barrels from the reserve. But such a cancellation would have required Congress to act. The administration sold the 180 million barrels of oil…

…Last year, Congress canceled sales of about 140 million barrels from the SPR …

Oil Reserve by is licensed under pixnio

Follow us

Read our latest news on any of these social networks!

Get latest news delivered daily!

We will send you breaking news right to your inbox


Have a tip? Let us know!

Recent Articles

  • by:
  • Source: AP News
  • 04/01/2025
...
Trump’s reciprocal tariffs will overturn decades of trade policy

President Donald Trump is taking a blowtorch to the rules that have governed world trade for decades. The “reciprocal’’ tariffs that he is expected to announce Wednesday are likely to create chaos for global businesses and conflict with America’s allies and adversaries alike.

  • by:
  • Source: CNN
  • 04/01/2025
...
Cory Booker’s marathon Senate floor speech stretches overnight in protest over Trump actions

New Jersey Sen. Cory Booker’s marathon speech on the Senate floor has stretched overnight into Tuesday morning as he protests actions taken by President Donald Trump’s administration, saying that he will keep going “as long as I am physically able.”

  • by:
  • Source: NY Post
  • 03/31/2025
...
Trump says he’s ‘not joking’ about third term — and notes this apparent loophole: ‘There are methods’

President Trump said he’s “not joking” about serving a third term in the White House — and thinks there’s a loophole to make it happen.

  • by:
  • Source: AP News
  • 03/31/2025
...
Elon Musk hands out $1 million payments after Wisconsin Supreme Court declines request to stop him

Elon Musk gave out $1 million checks on Sunday to two Wisconsin voters, declaring them spokespeople for his political group, ahead of a Wisconsin Supreme Court election that the tech billionaire cast as critical to President Donald Trump’s agenda and “the future of civilization.”