Reported 7 days ago
The U.S. Department of Energy has announced the acquisition of 6 million barrels of oil to replenish the Strategic Petroleum Reserve ahead of deliveries scheduled through May 2025. This move follows a major sale of 180 million barrels ordered by President Biden in 2022 to alleviate fuel prices amid geopolitical tensions. The recent purchases, totaling over $411 million, included oil from major companies and are part of a broader strategy to sustain the reserves.
Source: YAHOO