Oil prices were lower today, trading down earlier in the session and holding onto those lows. It was leaked earlier today that Biden will address the nation tomorrow and announce yet another release of crude oil from the SPR, currently at the lowest levels since 1984. Central to the president’s address will be a decision for the Energy Department to sell the last roughly 15 million of 180 million barrels from the U.S. Strategic Petroleum Reserve he had authorized for sale back in March. Biden also plans to call on the Energy Department to be prepared for more sales from what\u2019s left of about 400 million barrels in the reserve if Russia or others disrupt world markets, according to the White House. This is not likely to have much effect on fuel prices here at home, the problem is not lack of crude, but lack of refining capacity. WTI crude settled down $2.64, or 3.1%, to $82.82. Brent crude futures settled down $1.59 or 1.7%, to settle at $90.03.<\/p>\n\n\n\n
Oil prices were lower today, trading down earlier in the session and holding onto those lows. <\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-7719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n