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Market
Number of times SPR used by end of 2024
5
Resolution / Starting Odds
Zero times • 33%
Once • 33%
More than once • 34%
U.S. Department of Energy records and public government statements
Story
U.S. Plans October Replenishment of SPR with 3.3M Barrels, Monitors Oil Market
May 7, 2024, 04:41 PM
The U.S. Department of Energy has announced a solicitation for up to 3.3 million barrels of oil to replenish the Strategic Petroleum Reserve (SPR) in response to recent market conditions. Adviser Amos Hochstein affirmed that the Biden administration monitors oil markets and maintains that the current reserves are sufficient to address any supply concerns. The replenishment, scheduled for delivery in October, aligns with the administration's strategy to capitalize on lower oil prices to restore the depleted emergency oil cache. Additionally, the administration is prepared to use the SPR again if oil prices rise.
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Less than 350 million barrels • 25%
350-375 million barrels • 25%
375-400 million barrels • 25%
More than 400 million barrels • 25%
Less than $2 billion • 25%
$2 billion to $3 billion • 25%
$3 billion to $4 billion • 25%
More than $4 billion • 25%
Less than 50 million barrels • 25%
50-100 million barrels • 25%
100-150 million barrels • 25%
More than 150 million barrels • 25%
Less than 40 million barrels • 25%
40-50 million barrels • 25%
50-60 million barrels • 25%
More than 60 million barrels • 25%