The Energy Department announced the end of replenishing the nation’s strategic oil reserves on Friday, which were depleted by nearly half under President Biden, and used the opportunity to praise the administration for the work it has done to maintain and replenish the stockpile.
Since commencing oil production in 2019, Guyana’s fortunes have changed dramatically. With a population of just 800,000, this small South American nation is on track to become one of the world’s leading oil producers per capita in 2024, potentially surpassing major oil-producing nations like Saudi Arabia and Qatar shortly.
WoodMac: global reserves of both low-cost and low-emission oil and gas stocks are dwindling.
The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, with deliveries estimated to happen between April and June.
The United States Department of Energy has put up 45 million barrels of oil for sale from the country’s strategic reserves as part of President Biden’s largest-ever plan