The United States requests the purchase of 3.3 million barrels for the Strategic Petroleum Reserve

Tuesday, May 07, 2024 - 18:53
Point Trader Group

The US Department of Energy announced on Tuesday that it was seeking to buy up to 3.3 million barrels of crude oil in October for the Strategic Petroleum Reserve, after rising oil prices led the agency to cancel a similar offer last month on the grounds that it was not in the best interests of the country. For taxpayers.

The Energy Department is slowly refilling its stockpile of more than 700 million barrels after it reached a 40-year low following the administration's unprecedented withdrawal of a record 180 million barrels in the wake of Russia's invasion of Ukraine.

The United States currently possesses about 367 million barrels, according to Department of Energy data, down from about 600 million at the beginning of 2022.

Just a week ago, President Biden's energy adviser, Amos Hockstein, said there was enough oil in reserve and that the administration would use crude oil from the Strategic Petroleum Reserve if needed.

“We have been replenishing the SPR resources over the past few months,” Hockstein said during his intervention at the Milken Institute Global Conference last week. “I believe we have sufficient supplies of SPR to address any type of concern in the economy if we need it.”

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