The US Department of Energy has launched tenders to purchase oil to replenish strategic reserves, which US President Joe Biden’s administration has used extensively for more than a year, with the aim to lower petrol prices.
And he indicated in a statement that the repurchase process includes, in the first phase, three million barrels of oil, underlining that “this first step in the replenishment strategy comes after the historic withdrawal of these reserves to face the great perturbation of the situation global supplies, due to the war of Russian President Vladimir”. Putin on Ukraine.
The government has called on companies to sell the oil to the state “at a price lower than $96 a barrel, which is the average price” at which it bought it, which represents “a good deal for taxpayers”.
And with the general rise in prices after the end of the “Covid 19” pandemic and the outbreak of war in Ukraine, the price of a barrel increased, reaching a high of $120. Therefore, the Biden administration has decided to make exceptional use of the country’s strategic reserves, in order to put pressure on prices.
