White House announces plan to release 1M barrels per day of oil from SPR over next six months

Joel Frank Independent Analyst

The Biden Administration will release 1M barrels per day in oil from the US Strategic Petroleum Reserve (SPR) over the next six months, according to a statement released by the White House on Thursday. The White House statement continued that the President will call on Congress to pass his plan to speed the transition to clean energy that is made in America and that President Joe Biden will issue a directive authorising the use of the defense production act to secure American production of critical materials to bolster the domestic clean energy economy.

A Senior Biden Administration official said that the SPR would be restocked when prices are lower and that the release had been coordinated with allies and partners around the world. International Energy Agency (IEA) member nations will meet on Friday from 1200 GMT to discuss a potential collective oil release, a spokesperson for the New Zealand government said on Thursday.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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