Washington’s Dilemma in Trying to Refill Petroleum Reserves After 220 Million Barrel Drawdown

Started by Epoch-Times-Bot, Jan 12, 2023, 02:15 PM

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Epoch-Times-Bot

Jan 12, 2023, 02:15 PM
Washington's Dilemma in Trying to Refill Petroleum Reserves After 220 Million Barrel Drawdown

News Analysis
After the Biden administration released 180 million barrels of oil last year from its Strategic Petroleum Reserve (SPR) in an attempt to rein in gasoline prices, Washington is now facing a dilemma while trying to replenish the SPR as it deals with price and funding challenges.
The release of 180 million barrels of oil last year at roughly $96 per barrel generated $17.3 billion in proceeds for the Department of Energy (DoE), according to an analysis by The Wall Street Journal. However, the department does not have these funds to use to replenish the SPR. Out of the $17.3 billion, $12.5 billion was stripped away to be used in the recent spending bill. This leaves the department with around $4.8 billion....

Source: Washington's Dilemma in Trying to Refill Petroleum Reserves After 220 Million Barrel Drawdown

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