US Energy Department Buys 3.3 Million Barrels of US-Produced Oil for Strategic Reserve

May 17, 2024, 07:19 PM

The US Department of Energy has purchased 3.3 million barrels of US-produced crude oil for the Strategic Petroleum Reserve (SPR). The contracts for this acquisition were awarded today, and the oil will be delivered to the Big Hill site in November. This purchase is part of the DOE's ongoing strategy to refill the SPR, which has so far resulted in the acquisition of 35.6 million barrels of oil at an average price of $77.18 per barrel, and the acceleration of nearly 4 million barrels of exchange returns.