Commodities
US to Sell 26 Million More Barrels From Strategic Oil Reserve
- Energy Department to offer sweet crude from two storage sites
- Biden administration has sought to halt some mandated sales
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The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, fulfilling budget directives mandated years ago that it had sought to stop as oil prices have stabilized.
The congressionally mandated sale will amount to 26 million barrels of crude, according to people familiar with the matter. The sale is in accordance with a budget mandate enacted in 2015 for the current fiscal year, said a spokesperson for the Department of Energy.