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U.S. Dept. of Energy To Purchase Crude for Strategic Petroleum Reserve

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SPR News

Crude,Oil,Gasoline

The U.S. Department of Energy DOE has announced a new solicitation to purchase oil to replenish the Strategic Petroleum Reserve

SPR, according to a DOE press release. The solicitation, announced by the DOE's Office of Petroleum Reserves, seeks up to 3.3 million barrels of crude oil for delivery to the SPR in October. The decision to initiate this purchase, according to the release, aligns with the DOE's strategy of acquiring oil at $79 per barrel or below. To date, the DOE has procured a total of 32.3 million barrels of oil at an average price of $76.

The SPR plays a vital role in safeguarding the economy and livelihoods during oil shortages. Just a week ago, President Biden's energy adviser Amos Hochstein said there was enough oil in the reserve and that the Administration would use crude oil from the SPR should the need arise. 'We have been replenishing into the SPR for the last several months.

 

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