US Strategic Petroleum Reserve

Republicans warn Biden against using Strategic Petroleum Reserve as “political tool” amid rising summer gas prices

May 30, 2024

World Oil (Bloomberg) – Top Republicans are warning the Biden administration against tapping into the nation’s strategic oil reserve to bring down gasoline prices with five months to go before the presidential election. The message, sent in a letter Wednesday to Energy Secretary Jennifer Granholm, comes as Biden administration officials have hinted they may be willing to release oil from

Biden administration restarts plans to refill Strategic Petroleum Reserve as oil prices dip

May 7, 2024

World Oil (Bloomberg) – The Biden administration is taking advantage of a dip in oil prices to restart plans to refill its depleted emergency oil cache. The Energy Department announced Tuesday it was seeking as much as 3.3 MMbbl of crude oil in October for the Strategic Petroleum Reserve after a rise in oil prices led the agency to cancel

Exxon draws from U.S. Strategic Petroleum Reserve for Louisiana refinery

September 3, 2021

World Oil (Bloomberg) –The U.S. Department of Energy has authorized Exxon Mobil Corp. to receive crude from the Strategic Petroleum Reserve to kickstart the production of fuels while most oil production in the Gulf of Mexico remains shut. The oil company will be getting 1.5 million barrels of DOE-supplied oil for its Baton Rouge refinery, the DOE said. Similar to

U.S. to auction 20MM barrels of oil from Strategic Petroleum Reserve

August 24, 2021

World Oil (Bloomberg) –The U.S. is holding its largest sale of oil from strategic reserves this year at a time when the outlook for fuel demand is darkening amid the resurgent Covid-19 virus. The Energy Department plans to auction off 20 million barrels of crude, twice as much as it offered for sale 3 1/2 months ago. The oil will

Drowning in crude, U.S. drillers say Trump strategic reserve plan is no lifeline

April 23, 2020

Reuters NEW YORK – President Donald Trump’s plan to fill the U.S. emergency crude oil stockpile has become the centerpiece of his administration’s strategy to shield drillers from a meltdown in energy demand – but company officials and industry groups say the program will not be enough. Trump announced his intention to fill the U.S. Strategic Petroleum Reserve “to the