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

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 …