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A Project of The Annenberg Public Policy Center

U.S. Selling Oil from the Strategic Petroleum Reserve to the Highest Bidding Companies

U.S. Selling Oil from the Strategic Petroleum Reserve to the Highest Bidding Companies

Q: Is the Biden administration selling crude oil from the Strategic Petroleum Reserve to other countries?

A: The oil is sold to eligible companies that make the highest offers. Some of the companies are U.S. subsidiaries of foreign companies, and some that purchased oil have then exported a portion to buyers overseas. Exports increase the global supply and still help with U.S. gas prices, experts told us.