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VisitBiden Announces Purchase of 3 Million Barrels for Strategic Petroleum Reserve
Jun 3, 2024, 07:13 PM
President Biden has announced the purchase of 3 million barrels of U.S.-produced crude oil for the Strategic Petroleum Reserve. The U.S. Department of Energy’s Office of Petroleum Reserves has awarded contracts for this acquisition. This move aims to stabilize fuel prices and enhance energy security.
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Markets
No • 50%
Yes • 50%
U.S. Department of Energy announcements
No • 50%
Yes • 50%
Fuel price indices such as AAA or U.S. Energy Information Administration
Yes • 50%
No • 50%
U.S. Department of Energy announcements
No significant measures • 33%
Oppositional measures passed • 33%
Supportive measures passed • 33%
Public announcements and votes in U.S. Congress
Decrease by more than 5% • 33%
Increase by more than 5% • 33%
Stay within +/- 5% • 33%
Global crude oil price indices such as WTI and Brent
Stay within +/- 10% • 33%
Increase of more than 10% • 33%
Decrease of more than 10% • 33%
U.S. Energy Information Administration reports