06 Nov, 23

The Problem With Refilling The Strategic Petroleum Reserve

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Last year, the Biden administration conducted the largest ever sale from the Strategic Petroleum Reserve (SPR) to the tune of 180 million barrels, in a bid to stabilize soaring oil prices in the aftermath of Russia’s invasion of Ukraine. The administration set a target to start refilling the reserve once oil prices dropped to $70 per barrel but later the department announced that it hopes to sign purchase contracts for the oil at $79 a barrel. But with WTI trading in the low to  mid-80s with prospects for another oil price rally…

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