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Energy Department increases pace of petroleum stockpile refill as oil prices dip
[JustTheNews] The SPR held nearly 640 million barrels of oil in January 2021, but fell to less than 350 million barrels last summer. The DOE has so far purchased 38.6 million barrels in an effort to refill it.The DOE is aiming to replenish the Strategic Petroleum Reserve (SPR) at $79 per barrel or less, which the department says is less than the $95 per barrel it received when it sold the oil in 2022, when President Joe Biden sought to push down gasoline prices ahead of the midterm elections. Posted by: Skidmark 2024-06-11 |
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