Pres. Biden released 15M barrels from SPR as expected
Pres. Biden confirms the selling of 15 million additional barrels from the SPR. This is expected
- The SPR is more than 1/2 full
- SPR is more than enough to account for emergencies
- Extra oil can be made available for sale.
- US is producing 12 million barrels per oil per day
- US is on track for record oil production 2023
- US will purchase oil prices at $70 per barrel going forward (I thought the price was $80 in the past). There is some confusion if the floor is $70 or $72.
- Says the bid at $70 puts a floor for oil producers to encourage them to drill for more oi isl
- Gas prices at the pump should be lower
- US consumers should be spending $0.60 per gallon lower.
The price of crude oil is trading up $2.42 or 2.92% at $85.32
