• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 10 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 10 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 hours "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 35 mins "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 11 hours The Federal Reserve and Money...Aspects which are not widely known
  • 2 hours Uniper is over - Germany (Government) buys the Company
  • 5 hours "How BlackRock Conquered the World" by James Corbett (all 3 parts)
  • 11 hours "Oil prices likely not responsible for inflation and other energy insights by hedge fund manager Josh Young" - Kitco News interview by David Lin
  • 13 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 6 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 13 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
UK Energy Reforms Could Stifle Growth

UK Energy Reforms Could Stifle Growth

The UK’s energy regulator, Ofgem,…

U.S. Ready To Release Even More Crude From SPR

The United States is ready to release even more barrels of crude oil from its emergency stockpiles, a senior advisor from the State Department told CNBC today.

The Biden Administration announced last week that it would release 50 million barrels of crude oil from the Strategic Petroleum Reserves to bring down gasoline prices.

But according to Amos Hochstein, the U.S. State Department’s senior advisor for global energy security, the United States has enough to release even more.

32 million barrels of the 50 million barrels that will be released from the emergency stockpiles will be released in the form of an exchange-meaning those barrels will be replenished at some point.

“This is a tool that was available to us and will be available again,” Hochstein said.

The bold statement that the United States could release even more crude oil comes not only days before OPEC+ meets again to decide whether it should stay the course with its planned 400,000 barrel per day production hike, pause the increase, or even cut production—it also comes on the same day as the U.S. Energy Information Administration reported that recent legislation and the 50 million bpd release could already drain the SPR by about half by 2032.

This includes 87.6 million barrels due to be released from the Infrastructure and Jobs Act between 2028 and 2031 and 160 million barrels from the Fixing America’s Surface Transportation Act and the Bipartisan Budget Act.

If the SPR is indeed halved by 2032, this would bring the SPR to its lowest level since March 1983, the EIA added.

Oil prices fell over the weekend on new Covid variant fears, but recovered somewhat on Monday.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Mamdouh Salameh on November 30 2021 said:
    It will be like compounding one futile action with another. The United States should go to the heart of the problem and deal with rising inflation which is most probably behind rising gasoline prices at the pump.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News