The Government of the United States (US) will release another 15 million barrels of oil from the country’s strategic reserves in an attempt to control energy prices.
The launch, which will take place in December, is the last step in a program announced in the spring by the US president, Joe Biden, and which provided for the injection of a total of 180 million barrels to deal with the increase in prices linked to the invasion. from Ukraine.
“The President has instructed the Department of Energy to be ready to sell more [petróleo das reservas] this winter if necessary due to Russia or other market disruptive actions,” a government official told reporters.
Asked about the possibility of limiting or suspending oil exports, the leader assured that the Biden administration “keeps all the tools on the table, everything that can help guarantee the supply” of the North American market.
At the same time, Biden wants to put in place a long-term mechanism to replenish, once the price of a barrel falls below 72 dollars (73 euros), the strategic reserves, which are at their lowest level since 1984. .
Since the beginning of September 2021, the United States has withdrawn more than 212 million barrels of strategic reserves. Never has a president of the United States exploited such amounts of oil since the reserves were created in 1975.
Management intends to negotiate repurchase agreements at a previously agreed price, through an auction process, which will limit the risks associated with price volatility, according to the official.
White House spokeswoman Karine Jean-Jane said Tuesday that Biden will officially announce these measures today, along with more initiatives “to bring some relief to the American people.”
Gasoline prices in the United States rose last week after the OPEC+ alliance, led by Saudi Arabia and Russia, cut production by 2 million barrels a day, the biggest cut in oil supply since May 2020.
Although it has fallen 22% from its peak in mid-June, the price of gasoline in the United States remains 16% above the level of the same period last year.
As for diesel, the price has fallen slightly since June, due to very low reserves, and costs on average 50% more than a year ago.
Source: TSF
