The Department of Energy (DOE) announced Tuesday the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to combat soaring gas prices.
The DOE approved the release of 13.4 million barrels from its SPR, marking the second-largest exchange from the reserve and bringing the total amount of oil released from the cache to almost 40 million barrels.
Exchange contracts for the released oil have were awarded to seven companies. President Joe Biden authorized a plan in November 2021 to release 50 million barrels of crude oil from the SPR in a coordinated effort with China, India, Japan, South Korea and the U.K. to combat surging gas prices and assist in the COVID-19 pandemic recovery.
Today we remember the Italian explorer Christopher Columbus, who in October 1492 landed in the Bahamas and became the first Western European to discover what the Europeans would call the New World.
When Columbus and his crew of approximately 200 sailors left Spain in three crowded ships – the Niña, the Pinta, and the Santa Maria – they set their sails toward an unknown horizon. They expected to discover a trade route to India. (Most Europeans at the time knew the earth was round – but they were unaware of the North and South American continents.) Instead of finding a route to Southeast Asia, Columbus and his crew landed on a continent of new opportunities. Columbus’s accidental discovery opened a permanent passage across the Atlantic and redrew the known map of the world.