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Nine companies to buy oil from U.S. strategic reserve in latest sale

Reuters · Costas Pitas · last updated

Aug 11 (Reuters) — The United States on Thursday said nine companies will buy 20 million barrels of oil in the latest sale from the Strategic Petroleum Reserve as part of the Biden administration’s plan to ease petroleum prices elevated by Russia’s invasion of Ukraine and economies recovering from the COVID-19 pandemic.

 

 

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Related Knowledge Center: Energy security and pricing

State of Play

The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.

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