Biden Administration Finishes Selling Off Strategic Petroleum Reserve, Now at Nearly 40-Year Low

On Nov. 3, the U.S. Department of Energy announced that it had finished selling the 15 million barrels of oil recently released from the Strategic Petroleum Reserve. This brings the total volume released this year to 180 million barrels. The approximately 640 million barrels present when Biden took office are now down to 400 million, a level not seen since 1984.