Today, the U.S. Department of Energy announced that it has awarded contracts for all of the initial 30 million barrels it put up for sale as part of President Biden’s historic Strategic Petroleum Reserve Release. These barrels will be delivered in May and June, and are the first U.S. sale in the largest release from reserves from both the United States and the rest of the world in history. Together, these releases will put more than one million barrels per day on the market over the next six months, and will help address supply disruptions caused by Putin’s further invasion of Ukraine and the Price Hike that Americans are facing at the pump.
The initial sale of barrels from the release garnered strong interest and was substantially oversubscribed: DOE received bids for a total of 76 million barrels, or more than doublethe number of barrels put up for sale.
The…