Pres. Biden: Gas prices are squeezing family budgets. US to sell 15M barrels from SPR | Forexlive

Pres. Biden confirms the selling of 15 million additional barrels from the SPR. This is expected

• The SPR is more than 1/2 full
• SPR is more than enough to account for emergencies
• Extra oil can be made available for sale.
• US is producing 12 million barrels per oil per day
• US is on track for record oil production 2023
• US will purchase oil prices at $70 per barrel going forward (I thought the price was $80 in the past). There is some confusion if the floor is $70 or $72.
• Says the bid at $70 puts a floor for oil producers to encourage them to drill for more oi isl
• Gas prices at the pump should be lower
• US consumers should be spending $0.60 per gallon lower.

The price of crude oil is trading up $2.42 or 2.92% at $85.32

/inflation