9.1 C
Qādiān
Saturday, February 8, 2025

Reshaping Perspectives and Catalyzing Diplomatic Evolution

To fill the reserves. America asks for bids to buy oil

Last year, President Joe Biden’s administration carried out the largest sale of reserves ever, amounting to 180 million barrels, as part of a strategy to stabilize rising oil markets and combat rising gasoline prices following the Russian invasion of Ukraine .

The sale angered Republicans, who accused the administration of reducing oil reserves to a degree that limits the United States’ ability to deal with a supply crisis in the future.

Sales reduced strategic reserves to about 372 million barrels, the lowest level since 1983 and just enough to cover 20 days at current consumption rates.

The administration said it would begin buying back oil from reserves when prices stabilized at $67 to $72 a barrel or lower, well below the level at which it was selling oil, so taxpayers could get a boost. advantage.

US crude prices were around $71 a barrel on Monday.

Read the Latest World News Today on The Eastern Herald.

More

Follow The Eastern Herald on Google News. Show your support if you like our work.

Author

Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

Editor's Picks

Trending Stories

Laurita Fernandez poses totally nude on her back in her Instagram

Laurita Fernandez is one of the most talented dancers...

Israel on high alert for potential Tsunami following Santorini earthquakes

Israeli authorities have issued precautionary measures following a series...

Prostitution in Dubai: Understanding the Dark Side of the City

Dubai, a city celebrated for its lavish shopping experiences,...