The US is seeking to buy crude oil at or below $79 per barrel to add to the Strategic Petroleum Reserve SPR and take advantage of favorable market prices.
The United States will continue to buy crude when prices are in the $70s a barrel or lower and plans to add several million barrels of crude to the Strategic Petroleum Reserve early next year. The U.S. Department of Energy DOE is continuing its efforts to bolster the depleted SPR with new oil purchases. DOE's Office of Petroleum Reserves has recently announced a call for bids to supply up to 1.5 million barrels of oil to the Bayou Choctaw site in January 2025.
The Department of Treasury claims that these releases, along with coordinated international efforts, helped reduce gasoline prices by up to 40 cents per gallon in 2022. The SPR currently houses 375 million barrels of crude—a figure that is 263 million barrels less than oil in the SPR at the beginning of President Joe Biden’s term in office.
Strategic Petroleum Reserve (SPR) Department Of Energy (DOE) Crude Oil Prices Oil Replenishment Oil Security Gasoline Prices
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