The United States has secured 2.8 million barrels of crude oil for its national emergency oil reserve, aiming to replenish dwindling supplies. The Energy Department has been gradually refilling the Strategic Petroleum Reserve, which had reached a 40-year low.
In response to soaring retail gasoline prices in 2022, the Biden administration authorized the release of a record 180 million barrels from the emergency oil supply. Despite the recent increase in pump prices, the Department of Energy remains committed to refilling the reserve, with storage caverns still at approximately half capacity.
On March 28th, the announcement signifies that the United States has procured a total of 32.3 million barrels of oil for its inventories since last year. This recent acquisition involves crude oil delivery to the reserve’s Big Hill storage site in Texas, facilitated by Atlantic Trading & Marketing Inc., a U.S. division of Macquarie, and Sunoco Partners Marketing & Terminals LP, as stated by the Energy Department.
The Energy Department is also pursuing approximately 3 million barrels for a Strategic Petroleum Reserve site that underwent maintenance—the Bayou Choctaw site in Louisiana.
This effort will commence with the delivery of 1.5 million barrels in August, followed by an additional 1.5 million barrels in September. “Pending competitive bids and market dynamics, DOE will aim to solicit and fully subscribe available capacity as it is available,” the department stated in a March 28 announcement.
According to Energy Department data, the current inventory of the Strategic Petroleum Reserve stands at approximately 363 million barrels. This represents a significant decrease from nearly 600 million barrels at the beginning of 2022.
To have the best trading experience with us,open an account at Longhorn.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
