The Biden administration may not be able to take full advantage of the recent drop in oil prices as it seeks to refill its depleted crude oil reserve, the Energy Department’s No. 2 official said Monday.
US Strategic Oil Reserve Refill Is Limited Despite Low Prices
Tag: West Texas Intermediate
Crude oil up as US plans to replenish strategic reserves
Crude oil up as US plans to replenish strategic reserves
The US Department of Energy has indicated that it will buy 6 million barrels of crude oil that should be delivered between December and January. Market reports said the US Department of Energy will sign purchase contracts for the refill at $79 a barrel or less.
How long have they been saying this?! I’ve forgotten! 🙄
Crude Inventories Decreased By 6.3 Million Barrels
The EIA report showed that U.S. was buying oil for the Strategic Petroleum Reserve despite rising oil prices.
Crude Inventories Decreased By 6.3 Million Barrels
Oil, the dollar, and the Fed still pose a triple threat to the US economy, Bank of America says
The US economy isn’t in the clear just yet because of the triple threat posed by rising oil prices, the dollar, and the Federal Reserve, according to Bank of America.
Oil, the dollar, and the Fed still pose a triple threat to the US economy, Bank of America says
Biden Regime Still Hasn’t Refilled the SPR
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.
US to Sell 26 Million More Barrels From Strategic Oil Reserve
The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, fulfilling budget directives mandated years ago that it had sought to stop as oil prices have stabilized.
US to Sell 26 Million More Barrels From Strategic Oil Reserve
U.S. Gasoline Prices Continue To Climb
U.S. Gasoline Prices Continue To Climb
“Macroeconomic factors have continued to weigh on oil and refined products, as strong demand in China hasn’t been slowed much by a surge in new Covid cases. In addition, releases of crude oil from the Strategic Petroleum Reserve have wrapped up. Concerns are increasing that without additional oil, supply will tighten in the weeks ahead, especially as the nation starts to move away from softer demand in the height of winter. Moving forward, it doesn’t look good for motorists, with prices likely to continue accelerating,” DeHaan added.
Washington Has Trouble Refilling The SPR After 220 Million Barrel Draw
Washington Has Trouble Refilling The SPR After 220 Million Barrel Draw
After drawing over 221 million barrels of oil from the Strategic Petroleum Reserve (SPR) in 2022, Washington is having a tough time refilling it in the New Year, with the Department of Energy (DoE) rejecting the first offers on the grounds that they failed to benefit taxpayers.
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Additionally, the Wall Street Journal speculates that the DoE may not have enough funding to refill the SPR completely. According to WSJ, the DoE has $.48 billion in purchasing power. At the desired $70 per barrel, that would give it enough funding to refill the SPR to 440 million barrels.
Oil Prices Jump After Russia Says It May Cut Production
After two weeks of silence in detailing how it would react to the G7 oil price cap, overnight the Kremlin raised the stakes for the west when state-run Tass news service quoted Deputy Prime Minister Alexander Novak as saying that Russia may reduce output by 500,000 to 700,000 barrels a day in response to the cap.
Oil Prices Jump After Russia Says It May Cut Production
U.S. Begins SPR Repurchase Program As Oil Prices Crash
The U.S. EIA reported that 4.7 million barrels of crude oil left the Strategic Petroleum Reserves in the week ending December 9, but now the United States has started the process of refilling the nation’s SPR.
U.S. Begins SPR Repurchase Program As Oil Prices Crash
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