Biden Admin. to Start Refilling US Oil Reserve With 3Mln Barrels Purchase in February
US Strategic Petroleum Reserve storage tanks at the Sunoco Terminal near Nederland, Texas
WASHINGTON (Sputnik) – The Biden administration plans to start refilling the heavily drawn-down US Strategic Petroleum Reserve with a purchase of 3 million barrels of crude oil in February, the Department of Energy (DOE) announced in a document inviting US energy companies to tender for the sale. “[The DOE] has a requirement to conduct a purchase of up to three (3) million barrels of United States produced sour crude oil” the document said on Friday. “The delivery period is February 1, 2023, to February 28, 2023.” 
AmericasUS Makes Relatively Small Strategic Oil Reserve Draw While Planning More Releases19 October, 16:50 GMTAs of last week, the Strategic Petroleum Reserve’s balance stood at 382.3 million barrels, the lowest level since 1984. The Biden administration has drawn down some 200 million barrels from the strategic reserve over the past year to bridge a supply deficit in crude oil and reduce the prices of fuel at the pump.
