The latest oil storage plan is announced
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Is the US planning its largest-ever oil release from Strategic Petroleum Reserve?
The U.S is planning its largest-ever release from its Strategic Petroleum Reserve. Here's what to know about the country's emergency oil stash.
Why did the Energy Department cancel the Strategic Petroleum Reserve?
The Energy Department announced Tuesday it was seeking as much as 3.3 million barrels of crude oil in October for the Strategic Petroleum Reserve after a rise in oil prices led the agency to cancel a similar proposal last month on grounds it wasn’t in the taxpayer’s best interest. Have a confidential tip for our reporters? Get in Touch
Why did the Energy Department buy 3 million barrels of oil?
The Energy Department said the purchase of 3 million barrels of oil is part of an effort to replenish reserves at a “good deal” for taxpayers, noting that today’s prices are well below the average of about $95 from 2022.
Will a dip in oil prices reopen emergency oil cache?
Get in Touch The Biden administration is taking advantage of a dip in oil prices to restart plans to refill its depleted emergency oil cache.
How much oil does the DOE buy per barrel?
The DOE this year moved to a direct purchase strategy of oil for the reserve instead of basing the purchasing price on an index. That and the completion of maintenance at Bayou Choctaw has helped it buy 38.6 million barrels of oil at an average of $77 per barrel, it said.
Will oil be refilled in Big Hill?
The Energy Department is soliciting offers of crude oil to refill Big Hill, one of the four major oil storage facilities along the Gulf Coast that make up the Strategic Petroleum Reserve. However, the 3 million barrels will make up just a sliver of the vast amounts of oil released from the SPR in recent years.