2023-10-19 23:46:00
According to a statement from the agency, the DoE will buy oil in the months in which it can do so “with a good deal for taxpayers”
The United States Department of Energy (DoE) announced this Thursday, the 19th, that it will publish monthly requests for the purchase of oil for the Strategic Petroleum Reserve (SPR) until at least May 2024, starting with a request for up to 6 million barrels of oil for delivery in December 2023 and January 2024.
According to a statement from the agency, the DoE will buy oil in the months in which it can do so “with a good deal for taxpayers”: a price of US$79 per barrel or less, which is less than the average US$ 95 per barrel that DOE received for the 2022 emergency.
“Today’s announcement reinforces President Joe Biden’s commitment to safeguard and replenish this critical energy security asset, following its historic release from the SPR,” the statement said.
Treasury Department analysis indicates that last year’s SPR launches, along with coordinated launches from international partners, reduced gasoline prices by as much as 40 cents per gallon in the context of the Ukraine war.
DOE has already purchased 4.8 million barrels for SPR replacement for an average of less than $73 per barrel. The SPR is the world’s largest source of emergency crude oil, and federally owned oil reserves are stored in underground caverns at four locations in Texas and Louisiana.
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