DOE to Begin Replacing Sold SPR Barrels in Fall

The U.S. Department of Energy will soon propose a rule to help put oil back into the SPR, where levels have sunk to 475.5 million barrels, the lowest since June 1985

Timothy Gardner, Reueters

The Biden administration on July 26 said it will sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve (SPR) as part of a previous plan to tap the facility to calm oil prices boosted by Russia’s invasion of Ukraine and as demand recovers from the pandemic.

The administration said in late March it would release a record 1 million bbl/d of oil for six months from the SPR, held in hollowed-out salt caverns on the coasts of Louisiana and Texas.

The U.S. has already sold 125 million barrels from the reserve with nearly 70 million barrels already delivered to purchasers, a senior administration official told reporters.

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