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US to buy 3 million barrels to refill emergency oil reserve
Posted on 5/15/23 at 6:23 pm
Posted on 5/15/23 at 6:23 pm
quote:
May 15 (Reuters) - The U.S. Department of Energy said on Monday it will purchase 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August, and asked that offers be submitted by May 31.
U.S. Energy Secretary Jennifer Granholm had signaled to lawmakers late last week that her department could start repurchasing oil for the stockpile soon, after a record sale last year during a spike in prices that pushed the level of the reserve to the lowest since 1983.
The new purchase would be for sour crude oil delivered to the Big Hill SPR site in Texas sometime during the month of August, according to the announcement.
The Biden administration last year conducted the largest ever sale from the SPR of 180 million barrels, part of a strategy to stabilize soaring oil markets and combat high pump prices in the aftermath of Russia's invasion of Ukraine.
The sale angered Republicans who accused the administration of leaving the U.S. with too thin a supply buffer to adequately respond to a future supply crisis.
The sales brought the SPR inventory to around 372 million barrels, the lowest since 1983, amounting to just under 20 days of cover at current U.S. consumption rates.
The administration has said it would start to buy oil back into the reserve when prices are consistently at or below $67 to $72 per barrel, well-below the level at which the oil had been sold, so that taxpayers can get some benefit.
U.S. crude prices were around $71 a barrel on Monday.
Granholm last month had signaled that repurchases would happen closer to the end of the year, after maintenance on two of the reserve's four sites on the coasts of Texas and Louisiana.
LINK /
Sell off 180 Million barrels in a year, a good portion due to election year politics. Wait until almost half the following year to replenish 3 million of those barrels.
Sweet!
Posted on 5/15/23 at 6:24 pm to ragincajun03
So stupid. Shouldnt refill for a few years.
Congress needs to quit using the SPR like a piggy bank to support the budget.
Congress needs to quit using the SPR like a piggy bank to support the budget.
Posted on 5/15/23 at 6:47 pm to ragincajun03
Imagine voting liberal.
Posted on 5/15/23 at 6:51 pm to tigergirl10
Don’t believe everything you read on the internet baws. Sure a mafia bowtie would look great on Biden, but we are producing more oil than ever in history right now. Providing petroleum for our strategic reserve, and every car, train an aircraft in America right now.
This post was edited on 5/15/23 at 6:52 pm
Posted on 5/15/23 at 7:09 pm to Potchafa
As soon as a hurricane hits the Gulf, you can say goodbye to that production.
Posted on 5/15/23 at 7:17 pm to ragincajun03
My gas prices went down. Saudi cut production and they stayed down. Ok with me.
Posted on 5/15/23 at 7:17 pm to tigergirl10
Hey woman why the frick do people think you’re an alter of mine?
Posted on 5/15/23 at 7:29 pm to Walt OReilly
Looks like someone found their old password
Posted on 5/15/23 at 7:30 pm to fightin tigers
Nah I’ve just been banned
Retard
Retard
Posted on 5/15/23 at 7:33 pm to Walt OReilly
Well, hopefully you have seen the err of your ways
Posted on 5/15/23 at 7:34 pm to ragincajun03
3M ain't much and not better than nothing.
Posted on 5/15/23 at 7:34 pm to fightin tigers
What I did was minor compared to the stuff you spout off
Posted on 5/15/23 at 7:37 pm to Walt OReilly
Flattered that you follow my work so closely.
Especially since you have been relegated to a wallflower.
Especially since you have been relegated to a wallflower.
Posted on 5/15/23 at 7:40 pm to Walt OReilly
quote:
Nah I’ve just been banned
Retard
The last time you popped back up and bitched at your female alter you said you weren't banned then.
Posted on 5/15/23 at 7:40 pm to fightin tigers
I remember your post because of how racist and I ignorant they are
I’m sure you’re aware how many people lurk this website
I’m sure you’re aware how many people lurk this website
Posted on 5/15/23 at 7:41 pm to Obtuse1
Another idiot
That just makes up shite
That just makes up shite
Posted on 5/15/23 at 7:42 pm to Walt OReilly
quote:
how racist and I ignorant they are
More truth has never been typed
Posted on 5/15/23 at 7:43 pm to Walt OReilly
quote:
I remember your post because of how racist and I ignorant they are
I’m sure you’re aware how many people lurk this website
To be fair, I think fightin tigers hates everyone equally.
Posted on 5/15/23 at 7:54 pm to ragincajun03
There are single ships which hold more than that amount, what a fricking waste of time
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