Media

The Great SPR Income Transfer (Energy Intelligence, August 23, 2022)

US President Joe Biden’s Mar. 31 Strategic Petroleum Reserve (SPR) release, which was followed by other International Energy Agency (IEA) members, has effected a transfer of almost $30 per barrel from oil producers since it was announced. Biden’s actions have cost Saudi Arabia alone more than $30 billion. The benefits have gone to the world’s refiners. Click here to read more.