U.S. To Refill SPR This Year If Advantageous

Granholm said on Wednesday that the United States couldn’t repurchase crude oil for the SPR and sell crude oil out of the SPR at the same time. The DoE is actively selling crude oil from the SPR as part of a congressional mandate that will see another 26 million barrels leave the reserve between now and the end of June, with 2 million barrels released over the last two weeks.

After the recent releases from the Strategic Petroleum Reserves, inventories in the nation’s reserves have sunk to 369.6 million barrels—down from 638 million barrels at the beginning of 2021, and the lowest amount of crude oil held in the stockpiles since November 1983.