The US government will sell an additional 20 million barrels of oil from Strategic Petroleum Reserve as part of the Biden administration’s effort to bring down oil prices. This makes the fifth such sale that President Biden has authorized. White House continued to blame disruptions caused by Russia-Ukraine conflict for the high prices.
The White House also announced that the Department of Energy is proposing a rule change regarding how the federal government acquires oil for the strategic reserve. The new rule, if adopted, would permit fixed-price contracts as well as index-price contracts. The current rule requires purchase prices to be set by a price index, with the price paid being based on market prices at the time of delivery.
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