US Accelerates SPR Returns, Proposes Purchase
The U.S. Department of Energy announced an accelerated schedule for returning 4 million barrels of oil to the Strategic Petroleum Reserve. Originally, these oil volumes were set to be returned by summer ‘24, but the new timeline requires their return by February.
The DoE added plans to purchase up to 3 million more barrels of oil by February.
In October, the DoE released the following statement:
The U.S. Department of Energy’s (DOE) Office of Petroleum Reserve announced that that it will post monthly solicitations to purchase oil for the Strategic Petroleum Reserve (SPR) through at least May 2024, beginning with a solicitation for up to 6 million barrels of oil for delivery in December 2023 and January 2024. DOE will purchase oil in those months where it can do so at a good deal for taxpayers: a price of $79 dollars per barrel or below…
US refilling the SPR
US refilling the SPR
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group