The U.S. awarded contracts for the purchase of
3.3 million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after a massive sale from the stockpile in 2022, the Department of Energy said Friday.
The oil is being bought at an average price of $79.38 a barrel, the department said. The Biden administration sold
180 million barrels from the SPR oil in 2022 to control gasoline prices before the midterm elections.
The Energy Department also said it is seeking to buy another 3 million barrels for delivery in November. The agency has so far bought back only
35.6 million barrels of the 180 million it sold in 2022.
I thought it was to be replenished at $62 to $72 a barrel ? Only 35.6 million replenished?
Sounds like we sent a toddler to the store and we ain't getting any change back.