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The Latest Breaking News from Strategic Petroleum Reserve

US to sell 26 million more barrels from strategic oil reserve

The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, fulfilling budget directives mandated years ago that it had sought to stop as oil prices have stabilized.

Tribune News Service

Republicans Want More Control Over America's Oil Reserve. They Should Scrap It Instead.

The Strategic Petroleum Reserve is supposed to insulate the U.S. from oil embargoes and foreign wars. More often, it has been used like an insurance policy for private companies.

Reason

Connecticut's Blumenthal a winner of third term as US senator

HARTFORD, Conn. — U.S. Sen. Richard Blumenthal and his supporters were confident as the polls closed Tuesday, with the longtime Democratic office-holder expecting to win his third six-year term.

Tribune News Service

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Biden shrinks Strategic Petroleum Reserve to lowest level since 1980s

Biden's decision to tap into the reserve may have helped lower gasoline prices from their $5 highs in June.

Axios

Using the Strategic Petroleum Reserve strategically

Putting oil into the stockpile is just as good as taking it out.

Axios

Is the US energy independent?

Our nation, in numbers. USAFacts provides a comprehensive, nonpartisan view of the state of our union.

USAFacts

GOP pans oil reserve sale despite a long and bipartisan history

WASHINGTON — After the Biden administration announced the latest sale of crude oil from the Strategic Petroleum Reserve to put a damper on pump prices earlier this week, Republican lawmakers called the move a stunt to mollify gasoline price-sensitive voters before the election in November.

Tribune News Service

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GOP pans oil reserve sale despite a long and bipartisan history - Roll Call

Presidents from both parties have ordered sales from the Strategic Petroleum Reserve to soften spikes in gas prices.

Roll Call

EXPLAINER: What is the Strategic Petroleum Reserve?

The Biden administration plans to release 15 million barrels of oil from the U.S. strategic reserve to counter recent production cuts announced by OPEC+ nations

The Independent UK

Biden open to new Strategic Petroleum Reserve sales as last planned tranche released

WASHINGTON — The Biden administration plans to release 15 million barrels from U.S. emergency reserves, and may consider significantly more this winter, in an effort to ease high gasoline prices that have become a liability for Democrats in next month’s midterm elections.

Tribune News Service

Biden is releasing 15 million barrels from the strategic oil reserve to tame prices

The Department of Energy has another 400 million barrels in its strategic reserves, which the White House said it can pull from in the future if necessary.

WEKU

Did releasing oil from the Strategic Petroleum Reserve impact gas prices?

Our nation, in numbers. USAFacts provides a comprehensive, nonpartisan view of the state of our union.

USAFacts

It Will Cost Americans a Lot More to Heat Their Homes This Winter

The Biden Administration is expected to make an announcement about oil reserves this week, but homes that use natural gas to heat their homes could see a rough winter.

The Street

Oil Prices Dip on Report Biden Preparing New Sales From Strategic Petroleum Reserve

Reports suggest President Biden will unveil plans for another sale of crude from the nation's emergency stockpile later this week.

The Street

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WEKU

Some Democrats push to punish Saudi Arabia after OPEC+ move to cut oil production

OPEC+ announced a cut of 2 million barrels a day starting next month. Some Democrats on Capitol Hill want to retaliate by cutting off military aid and reexamine ties to Saudi Arabia.

France 24

OPEC+ production cuts pile further pressure on global inflation

The decision by the OPEC+ oil cartel to lower global production to 2 million barrels per day starting in November has prompted the US to dip into its Strategic Petroleum Reserve to dampen prices. An upcoming price cap on Russian oil could also add more inflationary pressure if Moscow decides…

The Street

The Release and Refill of The Strategic Petroleum Reserve

The Strategic Petroleum Reserve, built to alleviate domestic supply shortages, has been depleted by about 27% in less than a year. The Department of Energy has a plan to refill it, but will it be enough?

Tribune News Service

5 reasons why you’re paying way less at the gas pump

For nearly 60 straight days, drivers have seen a steady drop in gasoline prices — something that seemed unfathomable earlier in the summer when the average price nationally approached $5 a gallon.

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The Street

Stocks of the Week: Twitter, Starbucks, BlackBerry

As interest rates, inflation and war in Europe prey on investors minds, here's a look at stocks Real Money and TheStreet columnists and writers are watching closely this week.

InsideEVs

Biden Sides With Tesla's Musk, Opens Oil Reserve, Boosts EV Batteries

Biden not only invoked the Defense Production Act to help with EV batteries, but also authorized the release of oil from the US Strategic Petroleum Reserve.

Axios

How the Strategic Petroleum Reserve works

Biden's release is by far the largest SPR release in U.S. history.

Tribune News Service

Biden orders huge oil release, prods drillers to step up output

WASHINGTON — President Joe Biden said his plan to release a million barrels of oil a day from U.S. reserves for six months would lay a foundation for the country to achieve independence from foreign energy suppliers.

Axios

Biden ordering massive release of oil in bid to curb gas prices

It's the latest of several Biden administration attempts to try and tame prices via the Strategic Petroleum Reserve.

The Street

Stocks Mixed, Oil Slumps, Tesla, AMD and UiPath - Five Things You Must Know

Stock futures mixed ahead of inflation, jobs data; Oil prices slump as reports say Biden prepping biggest-ever SPR release; Tesla shares higher as Shanghai closures extend to April 3; UiPath shares plunge after Q4 loss, guidance cut and AMD shares slide on Barclays downgrade, price target cut

The Independent UK

Oil prices fall ‘as US mulls record release from crude reserves’

Reports suggest President Joe Biden is considering releasing up to 180 million barrels of oil from the US Strategic Petroleum Reserve.

People

Cathy McMorris Rodgers

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International Energy Agency

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