The Biden Administration has resumed replenishing the Strategic Petroleum Reserve as oil prices have fallen below the target level.
The price of the U.S. WTI crude oil has finally stayed in the low $70s per barrel for a sustainable period of time, allowing the Biden Administration to ramp up the refill of the Strategic Petroleum Reserve SPR, which it had said would do at prices of $79 a barrel or below. WTI Crude is now at $70 per barrel as of Tuesday morning, after spending days below that threshold.
An additional solicitation will follow on August 12, 2024, for another 2 million barrels destined for the Bryan Mound site, also for delivery in January 2025. The replenishment strategy comes in the wake of the SPR's critical role in stabilizing the market during global supply disruptions, notably the release of more than 180 million barrels of oil from the SPR starting in 2021, as gasoline prices remained high.
Oil Prices Biden Administration WTI Crude Oil Energy Security Gasoline Prices Oil Shortages Department Of Energy Department Of Treasury Salt Caverns
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