America is using millions of barrels of strategic oil reserves as prices rise

Data from the US Energy Information Administration revealed today, Wednesday, that the government has withdrawn 3.2 million barrels, during the past week only, from the strategic oil reserve, as crude prices remained near their highest levels in 7 years.

Washington – Sputnik. The administration of US President Joe Biden has been considering using the reserves for weeks, in an attempt to cool gasoline prices, which also reached their highest levels since 2014.
The weekly data of supply and demand, released today, showed that stock levels of crude oil reserves amounted to 606.1 million barrels at the end of November 12, compared to 609.4 million at November 5.

It is not known whether the recent levels of the strategic reserve were a direct result of the policy that the White House is considering to calm the market, as the government sometimes resorts to to make up for shortages caused by force majeure events such as hurricanes.

West Texas Intermediate crude, the US oil benchmark, was trading at $78.66 a barrel by 10:55 pm ET (15:55 GMT), a decline of 1.4%, in clear response to the decline in the strategic reserve stock.