The U.S. Department of Energy's Department of Fossil Energy and Carbon Management recently announced that it has authorized the release of 50 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), according to a press release.
On Wednesday, Nov. 24, a 32-million-barrel exchange solicitation to be open to the public, and an 18 million barrel congressionally mandated sale will conclude all sales under the authority of the Bipartisan Budget Act of 2018 during Fiscal Years 2022-2025.
Critics argued that the release has led to higher prices of oil.
"Biden backfire? Oil prices surge after president orders SPR crude sales! Global oil prices turned higher, adding more than $1 a barrel to WTI crude, in the wake of Biden's decision to release 50 million barrels of crude from the Strategic Petroleum Reserve," Easytime wrote in a Nov. 23 Twitter post.
The exchange will be conducted with crude oil from all four SPR sites which include: up to 10 million barrels from Bryan Mound, up to 10 million barrels from Big Hill, up to 7 million barrels from West Hackberry and up to 5 million barrels from Bayou Choctawlink.
SPR crude oil shipments will be delivered to successful bidders between Dec. 16 through April 30, 2022.
