U.S. SPR Hits Biden Goal of Releasing a Million Barrels a Day

U.S. strategic crude reserves fell an average of one million barrels a day last week, demonstrating it can meet the Biden Administration’s supply goal, at least in the short term.

For the week ending May 6, oil stocks at caverns in Texas and Louisiana fell to 543 million barrels from around 550 million the week prior, according to government data. This equates to an average release of about 1 million barrels a day.

Last month, the U.S. announced a goal to release that volume over the next six monthsin an effort to cool surging crude prices. Oil traders ...