Biden to sell 26 million barrels more from the Strategic Petroleum Reserve

The Biden administration on Monday announced another sale of oil from the Dept. of Energy's Strategic Petroleum Reserve (SPR), with 26 million barrels set to be delivered to the market from April 1st to June 30th which will take the number of barrels in the reserve to a new low dating back to 1983.

Unlike the largest-ever drawdown of the SPR that Biden announced in response to Russia's war in Ukraine, the latest release of 26 million barrels is in response to a requirement included in two laws enacted by Congress...