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Is It Time To Refill America’s Strategic Petroleum Reserve?

In late 2021, President Biden ordered the release of 50 million barrels of crude from the Strategic Petroleum Reserve to bring down the price of gasoline. Then, in the spring of the next year, he ordered the release of another 130 million barrels.

Prices at the pump fell between $0.17 and $0.42 per gallon. With the massive withdrawals and previously scheduled mandatory sales, the SPR shed 270 million barrels and fell to the lowest in 40 years.

Now that prices have stabilized, it should be the right time to start refilling the reserve that is not called strategic for nothing. While the U.S. no longer needs a massive cushion against a potential repeat of the 1973 Arab oil embargo, it does need a guaranteed crude oil supply for a set period of time that, per the IEA, is best set at around 90 days of consumption. After the withdrawals, the SPR fell to 20 days of consumption.

Indeed, the Department of Energy has made it a habit to announce a solicitation for a few million barrels of oil every now and then when West Texas Intermediate falls below $75 per barrel. Some of these solicitations have even led to purchases, usually at the rate of 3 million barrels.

While modest, the rate of announced purchases is understandable: every time the DoE announces it even plans to organize a solicitation for the SPR refill, prices immediately tick up. The department earlier this year set itself a price range of between $67 and $72 per barrel and has tried to stick to it, arguing the federal government will make a profit on the massive withdrawals of 2022 as that oil was sold at higher prices.

So far this year, the DoE has bought less than 20 million barrels of oil to refill the strategic petroleum reserve. An unnamed source close to the department told Reuters in June that plans were to buy back some 12 million barrels by the end of the year. Then, in October, the Department of Energy said it planned to buy 6 million barrels by January 2024, suggesting it was behind on its 12-million-barrel target.

The department has also been returning oil to the SPR after essentially lending some to oil companies. In early December, it said it had struck an agreement with those companies to return 4 million barrels by February. Over the first eleven months of 2023, 9 million barrels were bought back or returned to the SPR, Reuters reported in early December.

Then, in mid-December, the Department of Energy said it had struck another 2-million-barrel purchase deal in mid-December, and another, for 3 million barrels, announced just this week. This has brought the total repurchased SPR oil to 14 million barrels and 2 million barrels above the 2023 target.

Yet, it is nowhere near to constituting an actual refill of the strategic reserve. For that, the federal government has not only to keep buying oil at a relatively steady pace but also to stop selling oil from the SPR—an activity mandated by Congress. The DoE managed to get the sale of 140 million barrels over 2023 to 2027 cancelled, but it will probably need more cancellations to return the SPR anywhere near its previous levels.

Some have argued that the SPR is no longer really necessary. The United States is the largest producer of crude oil, the argument goes, and it is no longer vitally dependent on Middle Eastern oil imports.

Yet the Energy Information Administration’s weekly petroleum status updates show that the U.S. has remained a steady importer at a rate of about 6-6.7 million barrels daily. Not all of these barrels come from the Middle East, of course. In fact, less than half a million barrels daily come from that region—Saudi Arabia and Iraq, and neither has any intention of turning the taps off. Even so, disruptions happen. Prices change. It’s a good idea to have a bit of a supply buffer in case of such a disruption.

By Irina Slav for Oilprice.com

Markets Insider



58 Comments on "Is It Time To Refill America’s Strategic Petroleum Reserve?"

  1. eee on Tue, 2nd Jan 2024 2:19 am 

    Look at the face of this bitch from MSNBC 0:01.

    https://www.youtube.com/watch?v=rihuzGs4Buc

    They know that someone with a divinity status will come and kill them.

  2. eee on Tue, 2nd Jan 2024 2:41 am 

    A King will come one day, it will most Likelye not be me, and he will go and kill these think tank people like these. I predict that a warrior King of extremely high IQ will be send on earth to clean the place. Most likely the earth will be destroyed just after or during the King coming.

    https://www.youtube.com/watch?v=UCVixGyhMtM

  3. eee on Tue, 2nd Jan 2024 2:48 am 

    I most likely will be removed from earth as soon as my body is ready. I have too much mathematical knowledge about how this reality is build like the backward degradation entropic clock to be killed on earth.

    Someone will come and give it to you really hard.

  4. YouAreHereToDie on Wed, 3rd Jan 2024 6:58 pm 

    I thought I was about to leave earth at the grocery store. It felts like the floor vanished under my feets, I got so scared, that I had to grab a can a pepsi behind me to make sure I was still on earth and to regain my footing.. This lasted 2 seconds maybe, nOt the first time.

    I said that before and I will say it again, you are here on planet earth to die. ONly the people that will leave earth will live. If you are on earth it is because GOD hates you.

  5. YouAreHereTOdIE on Thu, 4th Jan 2024 7:01 am 

    These two people in the video are mentally retarded with no notions of morality. They are here to die because GOD hates both of these mans. Earth is not a friendly place because it is a execution chamber for people GOD hates.

    https://www.youtube.com/watch?v=hxpGE8-ERdo

    No creator that love its children would put people in a reality totally depend on the exploitation of natural ressources. You are here to die because you are bad inside.

  6. eee on Thu, 4th Jan 2024 9:00 am 

    Nothing will happen until I go into Montreal Jewish neighborhood and I walk over Jewish dead cadavers. Nothing will happen until I go into New York Jewish neighborhood and I walk over dead Jewish cadavers. Nothing happen as long as there is 1 Jews alive on planet earth.

  7. eee on Thu, 4th Jan 2024 2:49 pm 

    We don’t need planet earth and its population. We just need a couple of high IQ man that lived on planet earth and can help us figure out the mathematical equations of earth. We don’t need any of you once we have these guys.

  8. eee on Thu, 4th Jan 2024 3:02 pm 

    You don’t seem to understand , we don’t care about earth and the people of earth. We care about knowledge. Earth and its people we don’t care.

  9. eee on Thu, 4th Jan 2024 3:05 pm 

    We are really surprized by the extrem level of mental retardation of the people living on planet earth.

  10. eee on Thu, 4th Jan 2024 4:16 pm 

    The US will put the survival and continuation of the Jewish race above and beyond the survival of America and the survival of American people.

    Earth and US are really populated by mentally retarded. You don’t sace people that don’t want to be save. America does not want to be saved, it wants to be destroyed. GOD will give to America and the rest of the world what it wants. Total annihilation of people living on earth and destruction of the earth..

  11. eee on Thu, 4th Jan 2024 6:02 pm 

    Earth is just entertainment now for me and the invisible world. We don’t really need earth as I explained previousle and there is no long term plan for earth other then its destruction.

    Just are just entertainment for me at this point. It is winter and I have almost done all my electronics project. It is a slow winter. I will use earth as my personal entertainment until I leave earth.l You really mean nothing to me

  12. eee on Thu, 4th Jan 2024 6:15 pm 

    I have a theory about why the Arabs dress with a bed sheet and towel on their head. It is to make fun of European royalty. It like the Arabs said to themself, we can also look as stupid as the European royalty, give me bed and a towel and we will show to the European that we can look more stupid then them. It is a sophisticated way to laughs at the Europeans.

  13. eee on Thu, 4th Jan 2024 6:21 pm 

    I can see the whole scene in my head, There is two Arabs looking at European royalty, one Arab says to the other, give me a bed sheet and a towel, we will teach European how to dress stupid.

  14. eee on Thu, 4th Jan 2024 6:59 pm 

    this is funny as fuck for people that can get it

    https://www.youtube.com/watch?v=jrUUqa_NHTY

  15. eee on Thu, 4th Jan 2024 7:05 pm 

    10:10 look at all the mirrors on the right side of the truck.

    This is funny as fuck if you catch the jokes in it.

    https://www.youtube.com/watch?v=jrUUqa_NHTY

  16. eeee on Thu, 4th Jan 2024 7:30 pm 

    I love these one

    https://www.youtube.com/watch?v=Fc2KsulhvUY

  17. eee on Thu, 4th Jan 2024 7:45 pm 

    Are these real truck or only CGI truck. Look at the size of the suspension on these and the size of the transfer case. The winch is directly power by the engine trough a transfer case. this is exactly how you would do a mud truck. No electronics and manual and old style mechanicals clutches.

    https://www.youtube.com/watch?v=05btvqcFdoI

  18. eee on Thu, 4th Jan 2024 8:20 pm 

    None of this matter. Earth will be destroyed because you have no morality and you are basically heavily mentally retarded. you will know at least why GOD is killing and torturing youi.

  19. eee on Fri, 5th Jan 2024 7:28 pm 

    I don’t understand why people of earth are worshipping women. They are mentally retarded, have no morality, their vagina is ugly and smell like rotten dead fish. Why are human worshipping such a despicable creature. Like I said earth is a crappy reality and will be destroyed.

    https://www.youtube.com/watch?v=_o1neq1mPSA

  20. eee on Fri, 5th Jan 2024 7:42 pm 

    I said it again, I hate women and GOD also hate women. This is what GOD thinks about women in one picture.

    https://www.youtube.com/post/UgkxQM0qeRR1ZH3-gbsgPuZcBYa692xN7y-s

    Earth is a crappy reality and it will purge.

  21. eee on Fri, 5th Jan 2024 11:38 pm 

    Let’s see if I can get this straight. Everyone on the planets is pretending that everything is fine. Nobody on the planet has seen that people neck got longer. I guess I am really a GOD and own this reality since I have noticed that people neck got longer. So the other people are not alive.

  22. eee on Fri, 5th Jan 2024 11:40 pm 

    Let’s see if I can get this straight. Everyone on the planets is pretending that everything is fine. Nobody on the planet has seen that people neck got longer. I guess I am really a GOD and own this reality since I have noticed that people neck got longer. So the other people are not alive.

    So guess someone has invaded my reality and hijack my reality to install their crapper earth reality with crappy mathematics. I guess I will kill everyone living on earth and restart a zero.

  23. eee on Fri, 5th Jan 2024 11:43 pm 

    So this is reality my energy field and reality, I have been invaded by outside forces that are hostile to me and want to manipulate me. So it is my reality and it is ok for my to kill all the Jews of the world, all the European and all the UK english man.

  24. eee on Sat, 6th Jan 2024 2:48 am 

    Sometime AliExpress look like a mathematical AI sending you mathematical electrical components. Notice the funny page, compare to other pages. Cannot search this store directly like other store allow you to do.

    https://www.aliexpress.com/store/1103027272?spm=a2g0o.detail.0.0.4284416feLsseL&sortType=bestmatch_sort

    I order from this guy before. The components work fine. This is what I said, they don’t need the rest of the world, there is everything inner earth needs in China. They will keep China alive until the ends and will drop nations out of the supply chain to send Natural Resouces to China. I spoke about that already.

  25. eee on Sat, 6th Jan 2024 3:02 am 

    This is why I am saying, only people that will leave earth will live. Earth is an execution chamber with limited natural ressources. If you are here, it means that GOD hates you.

  26. eee on Sat, 6th Jan 2024 3:09 am 

    I will repeat that, no GOD that loves its children would have create a reality like earth with a limited amount of natural resource where you have to build everything ourself by hands.

    You are here because GOD hates you. I hate all Jews of earth because GOD also hates all the Jews of the planet

  27. eee on Sat, 6th Jan 2024 3:26 am 

    GOD is making fun of the whole population of earth. He is mocking you before he kills all the population of earth. You are here because GOD hates you.

    0:00 to 0:10 look at the head,. this is GOD mocking her. Apparently you are so mentally retarded that you cannot see GOD mocking the whole planet earth.

    https://www.youtube.com/watch?v=GCwcngwhIZc

  28. eee on Sat, 6th Jan 2024 3:39 am 

    You are here because GOD hates and he wants you dead. He seems determine to torture all the population of earth before the final execution.

  29. eee on Sat, 6th Jan 2024 3:41 am 

    By the way regarding the Epstein case, having sex with a 16 year old girl is not pedophilia. But the whole population of earth is too stupid to know that. GOD is mocking you again using Epstein case.

  30. eee on Sat, 6th Jan 2024 3:48 am 

    Douglas Murray another cock sucker that is mentally retarded. He has been send on earth for torture and execution.

    https://www.youtube.com/watch?v=2OwElZf9EV4

  31. eee on Sat, 6th Jan 2024 6:36 am 

    It is almost as if GOD loves Thailand. I will give some of my prediction, the total extinction of the Jewish race. Their extinction will be done is such a way that it will be used as a warning for the whole planet. I also foresee the dead of all the people living in Europe and UK also as a warning and rebalancing of earth .

  32. eee on Sat, 6th Jan 2024 6:53 am 

    Earth will rebalanced to look more humans and less AI and technocratic.

  33. eee on Sat, 6th Jan 2024 6:54 am 

    Earth will be rebalanced to look more humans and less AI and technocratic.

  34. eee on Sat, 6th Jan 2024 6:57 am 

    Europe UK, united nations, Israel, US, WEF AI and technocratic agenda will be dismantled.

    A human agenda will now be pushed forward,

  35. eee on Sat, 6th Jan 2024 6:59 am 

    Europe, UK, united nations, Israel, US, WEF technocratic and AI agenda will be dismantled.

    A human agenda will now be pushed forward.

  36. eee on Sun, 7th Jan 2024 6:58 am 

    You are not leaving earth and I will come to save earth. Play all theater that you wants with the Jews, Bidet, 9/11. You are not leaving earth and you will not save your souls. You are here die and die you will.

  37. eee on Sun, 7th Jan 2024 7:02 am 

    You are not leaving earth and I will not come to save earth. you can send all the fakes images that you want in my brain to manipulate me, play all theater that you want with the Jews, Bidet, 9/11, illuminatis signs on US currency. You are not leaving earth and you will not save your souls. You are here die and die you will. You will not be able to stop the invasion and modified the earth calculator by making cheap YouTube videos. You are not leaving earth and you all die here.

  38. Dredd on Wed, 10th Jan 2024 5:55 am 

    Trump slithered out of the courtroom yesterday, flew to his Florida hideout, and put security walls etc. up to protect him from President Biden. This was because Trump’s lawyer in effect argued to the Federal Appeals Court For the District of Columbia that President Biden could appoint Hunter to Seal Team Six and have that team then murder The Donald. And Trump’s lawyer further argued that if the Democratically Led Senate did not convict him in an impeachment proceeding, then President Biden could not be prosecuted for murder.

  39. Dredd on Wed, 10th Jan 2024 5:56 am 

    “Einstein passed this way about an hour ago
    with his friend a jealous monk
    then went off sniffing drainpipes
    and reciting the alphabet” – Dylan (Desolation Row)

    The Advent Of The Psychons

  40. open letter to whitey supertard president putin on Wed, 23rd Dec 2020 9:13 am on Wed, 10th Jan 2024 3:06 pm 

    open letter to whitey supertard president putin on Wed, 23rd Dec 2020 9:13 am

    when are u gona amputate whitey supertard atheistic scientific supremacist thunderf00t?

    when this whitey supertard went on self imposed quarantine back in march i said it smells

    can’t believe the scamdemic plandemic event 201 has been happening IRL this long

    as urself if someone who speaks high british english exclusively does he love supremacist muzzies of course he does

    please suckle the muzzies dik
    please drink the muzzie milk

    please speak low english

    and last but not least please change ur undies after 5 days to stop spread of convict-19

    we’re all in this together

  41. when are we amputating whitey supertard atheistic scientific supremacist thunderf00t on Wed, 10th Jan 2024 3:07 pm 

    when are we amputating whitey supertard atheistic scientific supremacist thunderf00t on Wed, 23rd Dec 2020 5:53 am

    it’s scientism
    when this whitey supertard went on self imposed quarantine back in march this year, i said it smells.

    ask urself if someone speaks high british english exclusively does he love supremacist muzzies? of course he does

    please drink muzzie milk
    speak low english

    please change ur undies after 5 days to prevent spread of convict-19

  42. why elite whitey supertard Elon lies when elite whitey supertard Newton published 1st LAW we have spacecraft and exhaust gas pushes against each in vacuum taken as a whole both physical frame and exhaust entity only elongates on Thu, 11th Jan 2024 4:43 pm 

    On This Day…

    2006.01.11 Philippines Maguindanao 1 1 The Moro Islamic Front is suspected in the assassination of a local sultan

  43. open letter to elite whitey supertard president putin on Wed, 23rd Dec 2020 9:13 am on Thu, 11th Jan 2024 6:05 pm 

    US troops arrived in the Philippines with about 12,000 troops ready to deploy to fight the rebels [muzzies]

  44. why elite whitey supertard Elon lies when elite whitey supertard Newton published 1st LAW we have spacecraft and exhaust gas pushes against each in vacuum taken as a whole both physical frame and exhaust entity only elongates on Thu, 11th Jan 2024 6:08 pm 

    On This Day…

    2024.01.11 Afghanistan Kabul 2 12 Two are killed when a grenade is tossed into a Shiite minority area.

  45. La grande execution peut partir on Thu, 8th Feb 2024 1:27 am 

    Mm vision c’est améliorée un petite peu. Ma myopie est passée de -4.0 à -2.75. Les lunettes sont plus légères à 2.75. Je pense que nous sommes prête a tuer tous les habitants de la terre. Allons y je suis prêt. Je n’ai plus besoin de lunettes que je fais de la soudure sur des plaquettes électronique. ON tue tous le monde

  46. La planetge pue on Thu, 8th Feb 2024 5:11 am 

    The most interesting discussion I have with the invisible world are about mathematics, heat exchange and other similar topic. I want everyone on planet earth dead to push and try my own concepts and theories.

    In my head, I already own planet earth and all the population of earth is already dead.

  47. last chance on Mon, 12th Feb 2024 1:50 am 

    I will repeat that. The invasion of earth will never stop. You are here to die and we are speeding up things. I don’t want to be here on earth and I want to get out of here as fast as possible. We are accelerating your executions so I can leave earth as fast as possible.

    https://www.youtube.com/watch?v=3lBT-CC-GUk

    I see you are panicking now and you don’t like the immigrants that we creating to kill all you. Earth invasion will never stop until everyone on earth is dead.

  48. You made a mistake on Mon, 12th Feb 2024 1:57 am 

    You made a mistake thinking that I was on earth to help you save earth and the population of earth. You made a big mistake trusting me.

  49. Hatred has never seen before on Mon, 12th Feb 2024 3:11 am 

    I will repeat that you are here to die, and you will fucking die. GO look at the conservation of mass equations, heat exchanges equations, electrical equations, and you see the full hatred that GOD has for the population of earth and earth it self.

    All this is available for free, I am not hiding anything from you. Go look and study, you will see in full display the hatred the GOD for all of you.

  50. Allo UK on Mon, 12th Feb 2024 12:31 pm 

    Fucking piece of shit British garbage people. Turn the sound off and look at Blair face. He also look scared. See around 0:46 blair face.

    https://www.youtube.com/watch?v=QNZ41bIxMbc

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