Ministry of Energy The United States announced this Friday that it will begin repurposing crude oil to replenish its strategic reserves.It’s at its lowest level since 1984. massive barrel sales to try to lower the price of gasoline in the country. The office gives companies wishing to participate in the buyback until 28 December to submit their bids. In total, Energía needs around 3 million barrels to be delivered in February.
In October, US President Joe Biden’s administration announced its intention to buy back oil, which it started selling as a strategy to mitigate the effects of Russia’s invasion of Ukraine on gasoline prices, when prices return to normal. per barrel.
Thus, the Ministry of Energy it will be able to buy barrels “at a lower price” to strengthen its strategic reserve. On average, they sell for $96, the bureau said in a statement.
In March, the U.S. government announced it would sell 180 million barrels of crude from its strategic reserves to try to lower the average fuel price, which hit a record-high $5 a gallon in June, spurred by the war in Ukraine. . In October, Biden decided to sell 15 million barrels of strategic reserves (the last of the 180 million promised) after the OPEC+ alliance led by Saudi Arabia and Russia decided to cut production by 2 million barrels per day (mbd). ), the biggest cut in oil supply since May 2020.
Since then, prices have softened significantly in the country, although some Republican representatives have accused the Democrat of using strategic oil reserves for political purposes because of the imminent November midterm elections.