The U.S. Department of Energy (DOE) announced the purchase of more than 3.4 million barrels of crude oil for the Strategic Petroleum Reserve (SPR) following contracts awarded for delivery to the Bryan Mound site from January through March 2025.
This is the second solicitation for the site, which is undergoing significant upgrades, the DOE said in a Sept. 9 statement.
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To date, the Biden administration has purchased over 50 million barrels at an average price of US$76 per barrel, nearly US$20 less than the US$95 average in 2022 emergency sales. The DOE continues to seek options to refill the SPR while securing good deals for taxpayers, in line with its commitment to replenish the stock after the Russian war in Ukraine caused global supply disruptions.
Since 2022, the administration has secured over 180 million barrels for the SPR, exceeding the amount sold after the Ukraine war.
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The DOE’s strategy includes direct purchases, exchange returns with premium oil, and legislative actions to avoid unnecessary sales.
The SPR remains the world’s largest emergency crude oil supply, stored in underground salt caverns in Texas and Louisiana.
