The US may sell oil from the strategic reserve again

The administration of US President Joe Biden plans to sell oil from the country's strategic oil reserve in order to reduce fuel prices at the country's gas stations.

The remaining 14 million barrels of the previously announced release of 180 million barrels of oil will be sold.

It is reported that the remaining 14 million barrels of the previously announced in May release of 180 millions barrels of oil will be sold. In addition, the authorities are going to sell another 26 million barrels from the reserve in fiscal year 2023 (which, by the way, began on October 1, 2022), in accordance with a law of Congress passed several years ago.

A possible oil repurchase is also planned: this is how the authorities are going to fight the rise in fuel prices at gas stations, which have reached $4 per gallon, before the congressional elections in November. 

The elections will be held on November 8, and the situation for the Biden administration and his colleagues-Democrats is not quite rosy – the country is experiencing record inflation for 40 years and there is a sharp increase in retail gasoline prices. Therefore, the main task for Biden's team for the next month is to maintain control over Congress. 

It also became known that in recent months, the US authorities have urged oil refining companies such as Exxonmobil, Chevron and Valero not to increase fuel exports, and also warned them that they could take action if reserves were not created.