US to Buy 6 Million Barrels for SPR at $79.99 per Barrel for 2025 Delivery

Aug 12, 2024, 05:19 PM

The United States is seeking to purchase six million barrels of sour crude oil for the Strategic Petroleum Reserve (SPR). The Department of Energy's Strategic Petroleum Reserve Project Management Office plans to acquire this oil for delivery in January, February, and March 2025. The purchase will be made at a maximum price of $79.99 per barrel, with the oil being delivered to the Bryan Mound storage site. This initiative is part of the Biden Administration's efforts to replenish the nation's oil reserves.