The US strategic oil reserves have fallen to the lowest level of nearly 40 years, and it is released again for the price suppression of oil prices

Comprehensive Reuters and other foreign media reported that the White House said on Tuesday that 20 million barrels of oil will be released from strategic petroleum reserves to restrain domestic oil prices. At the same time, the level of strategic oil reserve in the United States has dropped to the lowest level in nearly 40 years.

US President Biden. Source: Visual China

The Fox Finance Channel of the United States pointed out that this is the fifth time that Biden has licensed its strategic petroleum reserve after serving as President of the United States. In the press release, the White House continued to blame the US high oil prices on "the damage caused by the Russian invasion", and at the same time claimed that the action taken by the Biden government was "huge impact".

According to the White House, according to a new analysis of the US Treasury, the United States releases strategic petroleum reserves and the oil reserves released after the coordination of the United States and international partners, which has reduced the average price of per gallon of gasoline in the US market by up to 40 cents.

Fox Finance Channel pointed out that although the price has begun to fall since the average price of US natural gas in June, the price has begun to fall, as of Tuesday, it is still US $ 4.327, and $ 3.156 a year ago. When Biden took office in January 2021, the average price of natural gas in the United States was about $ 2.39.

The United States has sold 125 million barrels from strategic oil reserves. Picture source: American media

Reuters said that the Biden government said at the end of March that the United States will release 1 million barrels a day from a strategic oil reserve in the next six months, with a cumulative 180 million barrels of oil. A senior government official of Biden said that the United States has sold 125 million barrels from strategic oil reserves, of which nearly 70 million barrels have been delivered to the purchaser. The official said that the release of strategic oil reserves has always been the "supply of life lines" of petroleum and oil refining companies because the industry is restored to production after the decline in oil production during the new coronary pneumonia.

The US Department of Energy's Statistics Department of Energy Information said this month that compared with 11.2 million barrels/day in 2021, US oil production will increase to 11.9 million barrels per day in 2022, and by 2023, it will increase to nearly 12.8 million barrels. /sky.

Reuters mentioned that the US Department of Energy said in May that the United States will start bidding for 60 million barrels of crude oil as a reserve in the fall, which is the first step to supplement the inventory after the release of 180 million barrels of oil from strategic oil reserves.

A strategic oil reserve facility in the United States. Picture source: Foreign media

In addition, the US Department of Energy will soon propose a rule that allows it to sign a long -term contract and purchase oil at a fixed preset price in the next few years to supplement strategic oil reserves. At present, the level of strategic oil reserve in the United States has dropped to 475.5 million barrels, the lowest level since June 1985.

(Edit: LC)

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