The U.S. emergency crude oil stockpile fell to its lowest point since 1985 last week, dropping to more than 469.9 million barrels, according to data from the U.S. Department of Energy.
gasoline prices in the United States by up to roughly 40 cents per gallon compared to what they would have been otherwise.
The Biden administration also announced steps last week to allow the purchase of oil under fixed-price contracts to help encourage stability and replenish near-term supply. That plan will likely take effect after fiscal year 2023, the White House said in a statement.sparked criticism among some Republicans in recent weeks after the DOE noted Chinese state-owned gas giant Unipec on its list of 12 companies that it had awarded contracts to purchase Strategic Petroleum Reserve crude oil. Some accused Biden of failing to act in the country’s best interests by selling to China, which has massively scaled up its imports of discounted Russian crude amid the country’s war in Ukraine.
The U.S. is legally required to sell crude oil to the highest bidder. Exceptions are granted only in very limited cases, such as selling to a sanctioned company.
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