US refills strategic petroleum reserve
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| US Refills Strategic Petroleum Reserve |
The U.S. Department of Energy announced on Friday, August 23, 2024, that the United States has purchased nearly 2.5 million barrels of oil to help replenish the Strategic Petroleum Reserve, following the largest-ever withdrawal from the emergency reserve in 2022.
About 800,000 barrels per month of relatively high-sulfur crude will be delivered to the strategic reserve site in Bryan Mound, Texas, from January to March next year.
Macquarie Commodities Trading will be responsible for contracting to buy more than $180.3 million worth of oil, and the Energy Department said on August 12 that it plans to buy up to 6 million barrels at a rate of 2 million barrels per month from January to March 2025.
The Biden administration is trying to slowly replenish the Strategic Petroleum Reserve after selling 180 million barrels from the facility in 2022 to control gasoline prices after Russia invaded Ukraine.
The Energy Department said the administration has so far bought back more than 47 million barrels, at an average price of $76.89 a barrel, about $18 below the average price of $95 a barrel at which it sold oil in 2022.