oil reserves

Government, Business, Fuel

Biden Administration Lays Out Plans to Refill Oil Reserve

oil reserves Petroleum storage tanks at the Royal Dutch Shell PLC Southern California Distribution Complex in Carson, Calif. (Bing Guan/Bloomberg News)

The Biden administration announced a plan May 5 to begin purchasing oil to refill the nation’s emergency reserve.

May 5, 2022
Fuel

Nations to Release Millions of Barrels of Oil Amid War

Fatih Birol Fatih Birol, executive director of the International Energy Agency, says events in Ukraine "are becoming more distressing by the day." (Simon Dawson/Bloomberg News)

PARIS — The International Energy Agency said April 7 that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine.

April 7, 2022
Government, Business, Fuel

Biden Plans to Tap Oil Reserve to Control Gas Prices

pump jacks Pump jacks in Midland, Texas, by Angus Mordant/Bloomberg News

WASHINGTON — President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.

Zeke Miller and Josh Boak | Associated Press
March 31, 2022
Government, Business, Fuel

US Considers New Oil Release From Strategic Reserve

gas refill Daniel Acker/Bloomberg

The U.S. is considering another release of oil from its emergency reserves as prices continue to surge after Russia’s invasion of Ukraine, people familiar with the matter said March 25.

March 25, 2022
Government, Business, Fuel

Nations Agree to Release 60 Million Barrels of Oil

A pumping unit sucks oil from the ground near Greensburg, Kan. A pumping unit sucks oil from the ground near Greensburg, Kan. (Charlie Riedel/Associated Press)

FRANKFURT, Germany — The International Energy Agency’s 31 member countries agreed March 1 to release 60 million barrels of oil from their strategic reserves — half of that from the United States — “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine.

David McHugh | Associated Press
March 1, 2022
Government, Fuel

US, Allies Discuss Oil Reserve Release of 60 Million Barrels

Petroleum storage tanks at the Royal Dutch Shell PLC Southern California Distribution Complex in Carson, Calif. Petroleum storage tanks at the Royal Dutch Shell PLC Southern California Distribution Complex in Carson, Calif. (Bing Guan/Bloomberg News)

The U.S. and its allies are discussing a coordinated release of about 60 million barrels of oil from their emergency stockpiles after Russia’s invasion of Ukraine pushed crude prices above $100.

February 28, 2022