U.S. Strategic Oil Reserve Selloff May Suppress Fuel Prices ...Middle East

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U.S. Strategic Oil Reserve Selloff May Suppress Fuel Prices
Gasoline prices may be a thorn in U.S. President Biden’s side, but a large sale of crude oil stashed in the Strategic Petroleum Reserve could change all that. The United States will hold its largest sale this year of crude oil from its SPR, at 20 million barrels. This amount is twice what it sold a few months ago, according to a statement issued on Monday by the Office of Fossil Energy and Carbon Management. The U.S. Department of Energy will take bids until August 31, with award contracts occurring by September 13. The crude oil will be…

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