Energy Department begins refilling oil reserve with 3M barrel buy after record drawdown

The department will purchase 3 million barrels to begin replacing the more than 200 million it drew down and sold in 2022, and it will do so at a profit. Oil was sold last year at an average of $95 per barrel but will be acquired at $73 per barrel, the Department of Energy said.

Critics of the drawdowns included many Republicans, who said Biden was misusing the reserve for his political advantage during an election year and argued the lower storage numbers made the country more vulnerable. Oil prices have also continued to fluctuate into and out of the department's targeted purchase price range for several months, complicating the Biden administration's plans.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The world's energy system is 'no longer fit for purpose,' says energy council chiefThe council's most recent report forecasts that around half of the global energy system will still not be electrified by 2050.
Source: CNBC - 🏆 12. / 72 Read more »

Energy Sec., EPA Admin, highlight Silicon Valley Leadership Group energy summitTouting renewable energy and zero-emission vehicles, U.S. Secretary of Energy Jennifer Granholm and Environmental Protection Administration Administrator Michael Regan spent Thursday afternoon eyeing a fleet of electric cars outside Oracles’ Redwood City office.
Source: KTVU - 🏆 465. / 53 Read more »