In this file:

 

·         U.S. emergency crude stockpile falls to lowest in 37 years [Aug 2022]

·         Biden orders 'unprecedented' release of oil reserves [Mar 2022]

·         U.S. to fill strategic oil reserve 'to the top,' Trump says [Mar 2020]

 

 

U.S. emergency crude stockpile falls to lowest in 37 years

 

By Arathy Somasekhar, Reuters 

August 1, 2022

 

HOUSTON, Aug 1 (Reuters) - The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy on Monday.

 

Crude held in the Strategic Petroleum Reserve (SPR) dropped to 469.9 million barrels for the week ended July 29, according to DOE data, in the smallest weekly withdrawal since May.

 

U.S. President Joe Biden in March set a plan to release 1 million barrels per day (bpd) over six months from the SPR to tackle high fuel prices contributing to soaring inflation.

 

The SPR held about 618 million barrels last September and its stocks have declined due to sales from congressional mandates and Biden's price initiative. U.S. gasoline prices are about 40 cents a gallon lower than what they would have been without the sales, the White House said last week.

 

Since May, releases have averaged 880,000 bpd, not meeting the 1 million bpd plan. A DOE spokesperson said the slowdown had occurred because the July 4 holiday and use of an additive to cool crude for transportation had affected some deliveries...

 

more

https://www.reuters.com/business/energy/us-emergency-crude-stockpile-falls-lowest-37-years-2022-08-01/

 

 

Biden orders 'unprecedented' release of oil reserves

 

BBC News (UK)

31 March 2022

 

US President Joe Biden has ordered a major release of oil from America's reserves in an effort to bring down high fuel costs.

 

The release of up to 180m barrels of oil over six months is the largest since the reserve was created in 1974.

 

Oil prices dropped on reports of the move, which is aimed at easing a supply crunch sparked by war in Ukraine.

 

But the release - of about 1m barrels a day - is unlikely to fully resolve the energy crisis, analysts say.

 

Mr Biden promised further action to boost US output, saying the release would "serve as [a] bridge until the end of the year when domestic production ramps up"...

 

more

https://www.bbc.com/news/business-60936468

 

 

U.S. to fill strategic oil reserve 'to the top,' Trump says

 

By Timothy Gardner and Humeyra Pamuk, Reuters 

March 13, 2020

 

WASHINGTON (Reuters) - President Donald Trump said on Friday that the United States would take advantage of low oil prices and fill the nation’s emergency crude oil reserve, in a move aimed to help energy producers struggling from the price plunge.

 

“Based on the prices of oil, I’ve ... instructed the secretary of energy to purchase, at a very good price, large quantities of crude oil for storage in the U.S. strategic reserve,” Trump, a Republican, told reporters at the White House. “We’re going to fill it right up to the top,” he added without offering details.

 

The Strategic Petroleum Reserve has the capacity to store up to an additional 77 million barrels of oil, a Department of Energy official said, after Trump spoke. The official did not immediately comment on how fast the oil would be purchased for the reserve which currently holds 635 million barrels.

 

It was the first move by a president to fill the SPR since President George W. Bush, a Republican, ordered a fill to capacity in the wake of the Sept 11, 2001 attacks...

 

more

https://www.reuters.com/article/us-health-coronavirus-usa-oil/u-s-to-fill-strategic-oil-reserve-to-the-top-trump-says-idUSKBN210369