{"id":149501,"date":"2022-10-19T19:50:39","date_gmt":"2022-10-20T02:50:39","guid":{"rendered":"https:\/\/new.thepinetree.net\/?p=149501"},"modified":"2022-10-19T20:30:52","modified_gmt":"2022-10-20T03:30:52","slug":"bide-administration-releasing-15-million-barrels-of-oil-from-reserves-ahead-of-election","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=149501","title":{"rendered":"Biden Administration Releasing 15 Million Barrels of Oil from Reserves Ahead of Election"},"content":{"rendered":"

Washington, DC…The U.S. Department of Energy\u2019s (DOE) Office of Petroleum Reserves announced that a\u00a0Notice of Sale<\/a>\u00a0of up to 15 million barrels of crude oil to be delivered from the Strategic Petroleum Reserve (SPR) in December 2022 will go live at 10:00 am on October 19, 2022. This Notice of Sale will fulfill President Biden\u2019s\u00a0announcement<\/a>\u00a0on March 31, 2022 authorizing the sale of up to 180 million barrels of crude oil from the SPR to help address the significant market supply disruption caused by Putin\u2019s war on Ukraine and aid in lowering energy costs for American families. The drawdowns have been a stabilizing force in the volatile energy market, and a recent\u00a0analysis<\/a>\u00a0from the Department of the Treasury estimates that SPR releases this year, along with coordinated releases from international partners, have reduced gasoline prices by up to about 40 cents per gallon compared to what they would have been absent these drawdowns.<\/p>\n

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The President\u2019s announcement authorized DOE to release up to 180 million barrels from the SPR to serve as a wartime bridge as domestic production\u2014which is expected to reach a new record next year\u2014ramps back up. Already this historic release of SPR crude has provided approximately 165 million barrels of crude oil supply to the U.S. economy\u2014resulting in certainty of supply for American businesses and consumers.<\/p>\n

DOE plans to release up to 3 million barrels of sour crude oil and up to 12 million barrels of sweet crude oil for a total of 15 million barrels, with deliveries from December 1, 2022 to December 31, 2022 from the three SPR storage sites listed below. DOE must receive bids for this notice no later than 10:00 a.m. Central Time on Tuesday October 25, 2022. Contracts will be awarded to successful offerors no later than November 1, 2022.<\/p>\n

The sale will be conducted with crude oil from the following three SPR sites:<\/p>\n