U.S. begins buying back oil for strategic petroleum reserve – By Reuters (CNBC) / Dec 16, 2022
- The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year’s record 180 million barrel release from the stockpile.
- The department will buy up to 3 million barrels for delivery in February, a senior official told reporters.
The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year’s record 180 million barrel release from the stockpile.
The department will buy up to 3 million barrels for delivery in February, a senior official told reporters.
President Joe Biden announced the 180 million sale in late March to combat surging gasoline prices that boosted inflation after the February invasion of Ukraine by Russia, the world’s largest exporter of fossil fuels.
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