{"id":9108,"date":"2023-05-15T19:22:34","date_gmt":"2023-05-15T23:22:34","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/us-confirms-buying-3m-barrels-in-first-bid-to-refill-heavily-drawn-oil-reserve\/"},"modified":"2023-05-15T19:22:34","modified_gmt":"2023-05-15T23:22:34","slug":"us-confirms-buying-3m-barrels-in-first-bid-to-refill-heavily-drawn-oil-reserve","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9108","title":{"rendered":"US confirms buying 3M barrels in first bid to refill heavily-drawn oil reserve"},"content":{"rendered":"
\n

Investing.com – The Biden administration will buy three million barrels in its first bid to refill the country\u2019s heavily-drawn oil reserve, the Department of Energy, or DoE, said in a statement on Monday that ended months of speculation on the matter.<\/p>\n

\u201cThe \u201cDoE \u2026will purchase up to 3 million barrels of oil for the Strategic Petroleum Reserve (SPR) in continuation of the Biden-Harris Administration\u2019s three-part replenishment plan,\u201d the statement said, adding that the department \u201cintends to purchase more oil later this year\u201d.<\/p>\n

Since last week, news wires have used sources within the DoE or the administration to report about the government\u2019s attempts to refill the SPR.<\/p>\n

The Biden administration has leaned heavily on the SPR since late 2021 to offset tight crude supplies that had raised fuel costs for Americans. As of last week, the SPR’s crude balance was at its lowest since November 1983 after the release of about 200 million barrels or more from the reserve over the past 18 months.<\/p>\n

The administration\u2019s use of the SPR has been a highly-charged matter for oil bulls and opponents of President Joe Biden. Both sides accuse him of indiscriminately releasing hundreds of millions of barrels from the stockpile to subdue crude prices and shore up his political standing with American voters \u2014 when the reserve is meant for emergency use, in times of critically short oil supply.<\/p>\n

Biden, in his defense, said he was acting to reduce record high pump prices of fuel, which stood at above $5 per gallon last June and now hovers at around $3.50. The administration also blames last year\u2019s high crude prices for US inflation getting to four-decade highs of above 9% in June.<\/p>\n

The DoE statement on Monday reinforced the president\u2019s argument, saying that analysis by Treasury Department indicated that last year\u2019s SPR releases, along with coordinated releases of oil reserves by international partners of the United States, succeeded in reducing pump prices of U.S. gasoline \u201cby up to roughly 40 cents per gallon compared to what they would have been absent these drawdowns\u201d.<\/p>\n

It added that the three-part replenishment strategy involved direct purchases with revenues from emergency sales; exchange returns that include a premium to volume delivered; and securing of legislative solutions that avoid unnecessary sales unrelated to supply disruptions so as to strategically maintain volume.<\/p>\n

It said the DoE has also secured cancellation of 140 million barrels in congressionally mandated sales scheduled for fiscal years 2024 through 2027.<\/p>\n

\u201cThis cancellation has already led to significant progress toward replenishment and will allow the SPR to have the same number of barrels in reserve by the end of FY 2027 that it would have had emergency barrels not been sold in 2022,\u201d the statement said.<\/p>\n

New York-traded West Texas Intermediate, or , crude settled Monday’s trading up by $1.07, or 1.5%, at $71.11 per barrel. WTI had fallen by 15% over the past four weeks.<\/p>\n

WTI jumped briefly in post-settlement trade to $71.67, reacting to reports about the DoE\u2019s planned purchase of crude for the SPR.<\/p>\n

London-traded crude, the global benchmark for oil, settled up $1.06, or 1.4%, at $75.23 per barrel. Brent dropped by 14% over the previous four weeks.<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The Biden administration will buy three million barrels in its first bid to refill the country\u2019s heavily-drawn oil reserve, the Department of Energy, or DoE, said in a statement on Monday that ended months of speculation on the matter. \u201cThe \u201cDoE \u2026will purchase up to 3 million barrels of oil for the Strategic […]<\/p>\n","protected":false},"author":1,"featured_media":3698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-9108","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nUS confirms buying 3M barrels in first bid to refill heavily-drawn oil reserve | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The Biden administration will buy three million barrels in its first bid to refill the country\u2019s heavily-drawn oil reserve, the Department\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=9108\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US confirms buying 3M barrels in first bid to refill heavily-drawn oil reserve | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com - 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