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☆ U.S. sells oil reserves as Biden tackles pump prices ahead of elections
  + stars: | 2022-10-20 | by ( Nandita Bose Jarrett Renshaw Steve Holland | Nandita Bose | Jarrett Renshaw | ) www.reuters.com   time to read: +5 min
Biden blamed Russian President Vladimir Putin’s invasion of Ukraine for higher crude and gasoline prices, while noting prices had fallen 30% from their peak earlier this year. “Families are hurting,” and gasoline prices are squeezing their budgets, he added. Retail gasoline prices have fallen from a high in June, but remain above historical averages, and are a major contributor to inflation. Biden said oil companies should feel more confident about investing in production with the new SPR repurchase pledge, and stop pushing stock buybacks. So you can act now to increase oil production," he said.
☆ U.S. could sell oil from emergency reserve this week -sources
  + stars: | 2022-10-18 | by ( Jarrett Renshaw Timothy Gardner Laura Sanicola | Jarrett Renshaw | Timothy Gardner | ) www.reuters.com   time to read: +4 min
President Joe Biden's announcement is expected this week as part of the response to Russia's war on Ukraine, one of the sources said. The sale would market the remaining 14 million barrels from Biden's previously announced, and largest ever, release from the reserve of 180 million barrels that started in May. Biden said last week gasoline prices are too high and that he would have more to say about lowering costs this week. Gasoline prices hit a record average above $5.00 in June. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year.
☆ Biden admin talks with energy firms as it seeks to balance oil prices-sources
  + stars: | 2022-10-18 | by ( ) www.reuters.com   time to read: +4 min
Register now for FREE unlimited access to Reuters.com RegisterBiden said last week gasoline prices are too high and that he would have more to say about lowering the costs this week. The Energy Department still has about 14 million barrels of SPR oil left to sell from the 180 million barrel release, which was slowed in July by holidays and hot weather. Gasoline prices hit a record average above $5.00 in June. The White House and the DOE did not immediately respond to requests for comment about the talks with energy companies. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year.
☆ Valero, Marathon top beneficiaries of U.S. emergency oil releases
  + stars: | 2022-09-21 | by ( Arathy Somasekhar | ) www.reuters.com   time to read: +2 min
REUTERS/Loren Elliott/File PhotoHOUSTON, Sept 21 (Reuters) - Oil refiners Valero Energy Corp (VLO.N) and Marathon Petroleum Corp (MPC.N) are the biggest beneficiaries of the U.S. government's oil reserve releases, taking nearly half the crude offered, a Reuters analysis of Department of Energy data showed on Wednesday. The Biden administration has opened spigots at the nation's Strategic Petroleum Reserve (SPR) to lower fuel prices and ease a supply crunch from Russia's invasion of Ukraine. Awards of about 218 million barrels for the 12 months endedSept. Valero, the second largest U.S. refiner by capacity, secured 52.7 million, while top oil processor Marathon Petroleum snapped up 45.2 million barrels. About 24.42 million barrels were released by exchange, with the largest amounts taken by Exxon and Shell.
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