The US made $4 billion selling oil this year on President Biden's unprecedented releases from the Strategic Petroleum Reserve

Dec 19 2022 by Business Insider

 
President Joe Biden.

REUTERS/Jim Young

The US government has pocketed almost $4 billion from selling oil this year, the Wall Street Journal reported. In a bid to lower gas prices, President Joe Biden authorized releases from the Strategic Petroleum Reserve in March. Since then, the US has sold 180 million barrels of crude at an average price of $96.25 a barrel.

The US government has pocketed a roughly $4 billion windfall from sales of crude this year out of the Strategic Petroleum Reserve.

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