U.S. sells last batch of emergency reserve oil from historic release

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The contracts were awarded to Phillips 66, Marathon Petroleum Supply and Trading LLC, Shell Trading (US), Valero Marketing and Supply, Macquarie Commodities Trading US, and Equinor Marketing and Trading, the Energy Department said in a statement. Deliveries will take place from Dec. 1 to Dec. 31. 

The oil price jump helped push U.S. inflation to the highest level in 40 years. The U.S. president announced a plan last month to begin refilling the stockpile when U.S. crude is around $70 a barrel, a level he said would allow drillers to profit while being a good deal for taxpayers. The U.S. benchmark was around $89 on Thursday. The U.S. Treasury estimated that the 180 million barrel sale cut gasoline prices by up to about 40 cents per gallon compared to what they would have been absent the release.

(US.PSX)


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