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Biden again uses oil reserves in the US, the drop in the level goes to 40%

2022-08-31 22:45:00, Kosova & Bota CNA
Biden again uses oil reserves in the US, the drop in the level goes to 40%
A contractor at the Strategic Petroleum Reserve

President Joe Biden is once again using the nation's oil reserves to combat high fuel prices caused by the Russia-Ukraine war.

The country's Strategic Petroleum Reserve stood at 564.6 million barrels of oil as of Friday. When the latest sale ends, the number will drop to 384.6 million barrels, a drop of about 40% since Biden took office in January 2021.

The latest drawdown from reserves will bring the US to its lowest level in almost 40 years, a level not seen since 1984.

The average price of a gallon of gas in the US is about $4.18 per gallon, up from about $2.87 per gallon last year.

The Department of Energy has stated that rising prices and disruptions from sanctions are exactly the situation for which the Strategic Petroleum Reserve was created.

According to the announcement, the remaining 90 million barrels will be released from August to October.

We remind you that prices have increased due to supply restrictions and the ban on Russian oil imports to the US, in the wake of the Russian invasion of Ukraine./ BA – CNA.al





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