The news pushed the value of crude oil down 3.08%. The intention is to buy back that same amount when each unit is between 62 and 72 dollars.
The United States government announced on Tuesday the sale of 15 million barrels of oil from its strategic reserve to try to lower the price of this fuel before the legislative elections on November 8, in which the Democrats are playing for control of Congress.
In a press conference, the White House informed that the Department of Energy will sell this cargo, which corresponds to the last part of a total of 180 million barrels that President Joe Biden approved in March, for delivery in December.
The news pushed the price of crude oil down on Tuesday. The value of a barrel of West Texas Intermediate (WTI), the benchmark US variety, for delivery in November, fell 3.08 percent and closed at 82.82 dollars.
For his part, the president asked the Department of Energy to be prepared to sell more barrels from the reserve fund during the winter, if necessary to combat the increase in prices. Specifically, US strategic crude reserves amount to about 400 million barrels.
According to the Energy Information Administration, the release of 15 million barrels would not be enough to cover a full day of oil use in the United States.
Meanwhile, the Government announced that its intention is repurchase this oil for its reserves when prices return to between 67 and 72 dollars per barreland that he will ask oil companies to lower the price they charge consumers.
Although these measures had already been advanced this Tuesday, it will be Biden himself who will make them official on Wednesday, along with more actions to lower the price of gasoline within the country.
“There will be an announcement tomorrow in the president’s policy about what the next step is and what he is going to do to give some relief to the American people,” White House spokeswoman Karine Jean-Pierre said at her daily briefing. .
The United States suffers from the increase in fuels
Gasoline prices in the United States grew last week after the OPEC+ alliance, led by Saudi Arabia and Russia, decided to reduce its output by 2 million barrels per day (mbd), which represents the largest cut in oil supply since May 2020.
Average US gasoline prices are currently $3.87 per gallon (3.78 liters), a significant figure but below the record rise of $5.02 per gallon reached in Juneaccording to the American Automobile Association.
The announcement represents the continuation of a 180-degree turn by Biden, who has sought to distance the United States from fossil fuels to identify additional sources of energy to meet national and global supply as a result of disruptions stemming from the Russian invasion. to Ukraine and the production cuts announced by the oil cartel led by Saudi Arabia.
With information from EFE.
ES