#Spr drawdown chart full

The size of the SPR (in barrels of crude oil) is tracked by the EIA. The administration said it will use the revenue to replenish the reserve by purchasing oil when the price of West Texas Intermediate (a U.S. By October of that year, the Department of Energy had completed its emergency sale from the stockpile, bringing the reserve down to fewer than four hundred million barrels, a four-decade low. Biden said the move was a “wartime bridge” that would allow domestic oil production time to ramp up. Later that month, he approved the emergency release of up to one million barrels per day for six months, or a total of about 180 million barrels-the largest release in the reserve’s history. In March 2022, as Russia’s war in Ukraine caused turmoil in global energy markets, Biden authorized an emergency release of thirty million barrels, as part of a coordinated action led by the IEA. In November 2021, President Biden announced a release of thirty-two million barrels in exchange agreements and eighteen million barrels in sales, seen as an effort to pressure OPEC to increase production some experts said it was a novel use of the SPR, given there was no supply disruption.

The most recent releases before the war were due to the COVID-19 pandemic and the subsequent rebound in oil demand, as rising gasoline prices contributed to record inflation in the United States. Most recently, the SPR has been tapped during the COVID-19 pandemic and in response to Russia’s invasion of Ukraine, according to the CFR: The main goal of the SPR is to “alleviate significant oil supply disruptions or price inflation” primarily domestically but also internationally. The SPR is under command of the President (and Congress), who can initiate sale of this oil in cases where this is deemed fit (such as domestic shortages, natural disasters, and wars).

#Spr drawdown chart full

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