Joe Biden to release millions of barrels of oil along with UK to drive down fuel prices

joe-biden-to-release-millions-of-barrels-of-oil-along-with-uk-to-drive-down-fuel-prices

As you may know !

I had no idea what this meant but I was interested so Wikipedia.

•The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest known emergency supply in the world, and its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m3).[1] The United States started the petroleum reserve in 1975 after oil supplies were interrupted during the 1973–1974 oil embargo, to mitigate future supply disruptions.

• The current inventory is displayed on the SPR's website.[2] As of September 4, 2021, the inventory was 621.3 million barrels (98,780,000 m3). This equates to about 31 days of oil at 2019 daily U.S. consumption levels of 20.54 million barrels per day (3,266,000 m3/d)[3] or 65 days of oil at 2019 daily U.S. import levels of 9.141 million barrels per day (1,453,300 m3/d).[4] However, the maximum total withdrawal capability from the SPR is only 4.4 million barrels per day (700,000 m3/d), so it would take about 145 days to use the entire inventory. At recent market prices ($58 a barrel as of March 2021),[5] the SPR holds over $14.6 billion in sweet crude and approximately $18.3 billion in sour crude (assuming a $15/barrel discount for sulfur content). In 2012, the total value of the crude in the SPR was approximately $43.5 billion, while the price paid for the oil was $20.1 billion (an average of $28.42 per barrel).

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