On 2 March 2022, the International Energy Agency (IEA) agreed to sell 60 million barrels of oil in order to lower the price of energy on the global market.
The Biden administration commits to release 30 million barrels of crude from its strategic reserve.
The result of this tender procedure was published on 17 March 2022 and it breaks down as follows:
Atlantic Trading & Marketing, Inc. (1.05 million barrels);
Chevron USA (1.265 million barrels);
Gunvor USA, LLC (0.350 million barrels;
Marathon Petroleum Supply and Trading, LLC (16.06 million barrels);
Motiva Enterprises, LLC (2.55 million barrels);
Phillips 66 Company (4.2 million barrels)
Valero Marketing and Supply Company (4.75 million barrels)
Deliveries will be made between 1 April and 31 May 2022.
Speculation on energy prices, spurred by the United States, first started over Ukrainian gas in the last quarter of 2021. It has gradually spread to all energy sources. Currently, the financial bubble it has created is much larger than the 2008 housing bubble which triggered the subprime mortage crisis. The collapse of the current bubble, being fueled by rumors surrounding the war in Ukraine, would threaten the entire capitalist system.