millions of barrels of oil to refill the depleted U.S. Strategic Petroleum Reserve, as oil prices rise to a five-month high.
Energy Department officials first announced the Bayou Choctaw purchase last month, saying they would buy up to 3 million barrels of oil. ‘s 180 million-barrel drawdown of SPR oil in March 2022, aimed at stabilizing energy costs for consumers in the wake of Russia’s invasion of Ukraine.in the history of the stockpile. And while the sales did help alleviate prices for consumers, they also sent levels plummeting to a 40-year low and prompted concerns that a lengthy depletion period could leave the U.S. vulnerable and resource-strapped in the event of an emergency.
In its most recent refill last month, the department exceeded those prices — spending an average of $81 per barrel to replenish the reserves.