Fourth of July gas prices took an almost unprecedented plunge on an annual basis. “I forecast oil prices headed higher this decade and, if that’s right, then SPR refilling will largely stop. Although important symbolically, those 12.3 million barrels represents just a drop in the bucket. The reserve held 346.8 million barrels of oil as of the week ending July 7 according to federal data. Beyond the efforts to buy oil, the Energy Department won approval from lawmakers to cancel Congressionally-mandated sales of 140 million barrels of oil through fiscal 2027.

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Persons: Joe Biden, Jennifer Granholm, Biden, ” Granholm, Granholm, it’s “, I’m, ”, Bob McNally, George W, Bush, “, McNally, We’re, Granholm ‘ Organizations: New York CNN Business —, CNN, Energy, Strategic Petroleum Reserve, Energy Department, AAA, Congressionally, Rapidan Energy Locations: Russia, Ukraine, Saudi, Saudi Arabia