US To Sell 5 Million Barrels In Test For Oil Reserves

摘要

The Obama administration said it plans to sell 5 million barrels of crude from the U.S. Strategic Petroleum Reserve in a test of the distribution system. The sale of less than 1% of the total stockpile has been scheduled for some time and isn’t tied to turmoil in Ukraine or other geopolitical events, said William Gibbons, an Energy Department spokesman. “Due to the recent dramatic increase in domestic crude oil production, significant changes in the system have occurred—including pipeline expansion, construction of new infrastructure, reversed flow of existing pipelines and increased use of domestic crude oil terminals,” necessitating the test, Gibbons said in a statement.