The largest sale of “black gold” reserves in the last seven years starts in the United States.
The United States has announced the start of the largest sale of oil from strategic reserves in seven years.
This time, the U.S. authorities plan to sell 20 million barrels of oil located in four storage facilities in the states of Texas and Louisiana. By law, between 2018 and 2025, the United States must sell 58 million barrels from strategic reserves.
The proceeds will be used for the reconstruction of storage facilities, medical research, and other needs.
In total, the storage facilities of Louisiana and Texas can hold up to 714 million barrels of oil. As of April 30 of this year, the U.S. strategic raw materials reserves amounted to 634 million barrels.