US Buys 3 Million Barrels of Oil for Strategic Reserve

US Buys 3 Million Barrels of Oil for Strategic Reserve
An oil storage tank and crude oil pipeline equipment during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas on June 9, 2016. Richard Carson/Reuters
Reuters
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The United States has finalized contracts to purchase three million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after the largest sale in history last year, the U.S. Department of Energy said on Tuesday.

The department said it bought the oil, for delivery to a site in Big Spring, Texas, for an average of $77.31 a barrel, below the average of $95 a barrel that oil sold for in 2022.