U.S. to sell additional 20 million barrels of oil from strategic reserve

The Biden administration said on Tuesday it will sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve as part of a previously announced release from the facility aimed to calm petroleum prices.

The administration said in late March it would release a record 1 million barrels of oil per day of oil for six months from the SPR, held in a series of hollowed-out salt caverns on the coasts of Louisiana and Texas.