Yesterday, Friday, the US Department of Energy announced on its website that it had purchased 3.2 million barrels of oil to maintain a strategic reserve.
This comes as President Joe Biden’s administration has been slowly restocking oil after it seized large quantities last year.
Last June, the US Department of Energy awarded contracts to five companies to supply more than 3 million barrels of crude oil to replenish the country’s Strategic Petroleum Reserve.
The ministry said 3.1 million barrels of crude would be delivered in August at an average price of $73 a barrel, lower than the $95 a barrel average price at which SPR oil was sold last year.
In May, the Energy Department announced a plan to buy crude oil to replenish reserve stocks after record shortfalls since the Russo-Ukrainian war broke out last year.
