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Explore the latest trends and actionable insights on the US Crude Oil Refinery market to inform business strategy and pinpoint opportunities and risks

U.S. Sold Last Batch from Planned Oil Release of 180 million barrels to Control Soaring Oil Prices

Industry: Power Trading
Current: Market Sizing & Shares

In the first half of 2022, U.S. president Joe Biden had announced the release of 180 million barrels from the Strategic Petroleum Reserve (SPR) to combat growing oil supply concerns
The U.S. government is ready to release its last batch of oil from the pre-planned quantity of 180 million barrels oil from the Strategic Petroleum Reserve (SPR)
Last batch of 15 million oil barrels are planned to be delivered in the first week of December

Russia-Ukraine War Resulted in Oil Supply Bottlenecks in the United States

Due to low investment in the oil and gas industry and the recovery of the global economy from the COVID-19 pandemic, the price of oil was already inflated. However, Russia’s invasion of Ukraine further accelerated the oil supply crisis, resulting in soaring oil prices. Various countries across the globe are implementing strategies to address the impact of the Russia-Ukraine conflict on global oil and gas prices. Several countries are putting pressure on oil and gas producers to boost productivity to meet the global demand. While the U.S. made a strategy to utilize its strategic oil reserves to cope with an unstable oil & gas supply resulting in unpredictable movement in oil production, and price hikes.

U.S. is all Set to Release the Last Batch of 15 million Oil Barrels from the Historic Release

The U.S. Department of Energy has planned on releasing 15 million oil barrels starting from Dec. 1 to Dec. 31. The contract has been awarded to six companies including Phillips 66, Marathon Petroleum Supply and Trading LLC, Shell Trading (US), Valero Marketing and Supply, Macquarie Commodities Trading US, and Equinor Marketing and Trading.

The last batch of 15 million oil barrels is a part of the U.S government’s strategy of releasing 180 million oil barrels in total to stabilize the oil supply and growing oil prices. Based on the data from The U.S. Treasury, the sale of 180 million barrels is anticipated to cut down gasoline prices by approximately 40% per gallon.

Furthermore, the U.S. president intends to draw oil from the Strategic Petroleum Reserve (SPR) in early 2023, if further oil price stabilization is required.

Explore the latest trends and actionable insights on the US Crude Oil Refinery market to inform business strategy and pinpoint opportunities and risks Explore the latest trends and actionable insights on the US Crude Oil Refinery market to inform business strategy and pinpoint opportunities and risks Visit Report Store