US Presidential Administration Joe Biden decided to sell another 20 million barrels of oil from state storage facilities. This was announced by the White House on his website.
The US State Apparatus wants to reassure world oil prices in this way. Experts call this fuel sales, which has become the largest in the history of the United States.
Since the beginning of April, when the reserve was “printed”, 125 million barrels of oil were removed from it, of which 70 million were already entered the market. In total, Joe Biden approved the sale of more than 200 million barrels of oil – the third part of the US reserve, which has been saved since the late 1970s.
The situation was commented by the special representative of the White House on Energy, Amos Hokhstein. “This is a reserve, and we must save it,” he outlined. According to Khokhstein, the sale of oil from state reserve will end in the fall. After that, private oil companies will enter the game. “The agreements with the oil workers were reached, and they agreed to increase the production by 0.8-1 million barrels a day before the end of the year,” the special representative said in an interview with local media.