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re: U.S to Sell 26 Million More Barrels of Oil from Strategic Petroleum Reserve
Posted on 2/15/23 at 11:01 am to GRTiger
Posted on 2/15/23 at 11:01 am to GRTiger
quote:
Biden sold more than that just in the last year, so the claim that this is a congressionally mandated sale is dubious.
The amount set was per year, not a total amount. They are still forced to sell a certain amount per year.
Posted on 2/15/23 at 11:49 am to fightin tigers
quote:
The amount set was per year, not a total amount.
That's not correct. The relevant sections of the bill (403 and 404) only specify the total number of barrels over a period of time (58 million total over the period 2018-2025; sales totaling up to 2 billion in sales from 2017 - 2020).
Both sections include a provision that prohibits any sale that impacts the SPRs ability to achieve it's strategic objectives.
The specific number of barrels to be sold annually was part of the DOEs plan to implement the provisions of the bill. Congress did not say in 2015 that exactly 26 million barrels should be sold in 2023 to comply with the 2015 budget act. The draw down of 300 million barrels from the reserve the last 2 years would undoubtedly require an adjustment to the plan.
This is based on a summary of the bill from Congress. If I missed something, I'd like to know the section that lays it out.
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