2.4 million barrels purchased for $75 per barrel delivered to facility.
The Department of Energy (DOE) announced that it has fully replenished the U.S. Strategic Petroleum Reserve (SPR). President Joe Biden authorized a 200 million barrel drawdown from the SPR in 2022 after Russia attacked Ukraine. Russia is a primary exporter of global oil, but many countries chose to sanction Russian oil to punish its economy for the attack. The withdrawal from the reserve, which is the world’s largest supply of emergency crude oil, was authorized to combat the inevitable deficit in the global oil supply.
The Energy Department has made a number of purchases to replenish the deficit and finalized its goal with a purchase of 2.4 million barrels of crude oil for an average price of $74.75.
“With the awarding of these contracts, DOE has fully utilized all funding allocated for crude oil purchases following the sale of 180 million barrels in response to the Russian invasion of Ukraine and secured 20 million more barrels at a good price for taxpayers,” said Energy Secretary Jennifer Granholm.
As the Lord Leads, Pray with Us…
- For Secretary Granholm to be discerning in her decisions as in the remaining months of the current administration.
- For the president and his advisors to act prudently as his term comes to a close.
Sources: Department of Energy
