Wednesday, September 18, 2024

We've depleted our emergency oil reserves for political gain and now we're stuck

Biden's Department Of Energy Short On Cash To Refill SPR At Low Prices

Tyler Durden's Photo
BY TYLER DURDEN
WEDNESDAY, SEP 18, 2024 - 03:30 AM

By Charles Kennedy of OilPrice.com

The price of the U.S. WTI crude oil has finally stayed in the low $70s per barrel for a sustainable period of time, allowing the Biden Administration to ramp up the refill of the Strategic Petroleum Reserve (SPR), which it had said would do at prices of $79 a barrel or below.

WTI Crude is now at $70 per barrel as of Tuesday morning, after spending days below that threshold.

But the Energy Department has just $841 million left to buy crude for the SPR, Bloomberg reported on Tuesday, citing an estimate by ClearView Energy Partners, a consulting firm. That money would be enough to buy only around 12 million barrels of crude at today’s prices, per Bloomberg’s calculations.


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