New changes to U.S. Funding Law
2022.12.20 12:33
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New changes to U.S. Funding Law
Budrigannews.com – A summary showed on Tuesday that “certain” congressionally mandated sales of oil from the Strategic Petroleum Reserve are canceled by the government funding bill that lawmakers in the United States are attempting to pass.
In previous laws, Congress required the sale of approximately 26 million barrels of oil from the SPR in fiscal year 2023 and approximately 147 million barrels of oil in fiscal years 2024 and 2027.
A summary of supplementary legislation on aid for Ukraine that was included with the text of the $1.66 trillion funding bill read, “Cancels certain future Congressionally mandated sales, reducing the technical burden on the Strategic Petroleum Reserve system.”
More Oil continued to grow in U.S. trading session
After selling 180 million barrels of oil from the SPR to combat rising oil prices following Russia’s invasion of Ukraine, the Biden administration is beginning to buy back oil for the reserve. Concerns about energy security were raised because the sale reduced SPR levels to approximately 380 million barrels, their lowest level since 1984.
