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.
