The Department of Energy has invited bids for 3 million barrels of crude oil as it attempts to refill the strategic petroleum reserve.
The Department of Energy has issued an invitation for bids for some 3 million barrels of crude that will go into the strategic petroleum reserve as part of refill efforts. In the announcement, the DoE twice noted that it had sold oil from the SPR at much higher prices than it is buying it now back at, with the difference standing at $95 per barrel for the sold oil and $79 and less for the barrels that have been bought for the refill since then. “DOE has already purchased 4.
In late 2022, the administration said it was going to start buying crude to replenish the SPR when prices fall to around $70 per barrel. This year, the White House kept oscillating between caution and a willingness to finally start refilling the SPR, amid pressure from Congress Republicans to maintain an adequate strategic reserve of oil.
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