2023-05-15 22:23:27
(Archyde.com):
The US Energy Department said on Monday it would buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August, and requested bids by May 31.
Last year, President Joe Biden’s administration conducted the largest-ever sale of reserves, amounting to 180 million barrels, as part of a strategy to stabilize rising oil markets and combat rising gasoline prices in the wake of the Russian invasion of Ukraine.
The sales reduced the strategic stockpile to regarding 372 million barrels, the lowest level since 1983 and just under enough to cover 20 days at current consumption rates.
The administration said it would start buying oil back into reserves when prices are stable at $67 to $72 a barrel or lower, well below the level at which it sold oil, so that taxpayers can get some benefit.
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