The government has already pledged to release one million barrels of crude oil from stocks every day on the commercial markets. The plan, announced in late March, was to finally release 180 million barrels over a six-month period. The plan has so far depleted the country’s emergency crude oil reserves by 67 million barrels to 497.9 million barrels by June 24, according to the latest figures from the Energy Information Service released today – the lowest level since 1986. With more than 100 million barrels not yet released under the existing plan, the country’s reserves will be less than 397 million barrels. On June 14, the Ministry of Energy announced that it would sell 45 million barrels of oil outside the SPR, with deliveries expected to take place between August 16 and September 30. The release of even more in October could push the SPR to levels we have never seen. While there are just under a million barrels a day coming out of the SPR and in commercial storage, the price of a WTI barrel has continued to be higher and is now over $ 10 higher than when it was first announced. Gasoline prices rose from $ 4,231 per gallon on March 28 – days before the announcement – to $ 5,006 per gallon on June 13, according to the latest information provided by the EIA. AAA picks up the average price of gasoline at $ 4,868 per gallon on June 29 – lower than last week, but still higher than before the SPR was announced. By Julianne Geiger for Oilprice.com More top readings from Oilprice.com:
