US Purchases 6 Million Barrels of Oil for Strategic Petroleum Reserve, According to Reuters

The U.S. government has recently acquired 6 million barrels of oil for the Strategic Petroleum Reserve, with deliveries scheduled through May 2025, as announced by the Department of Energy on Monday.

This move is part of a strategy to replenish the reserve following President Joe Biden’s decision in 2022 to release a record 180 million barrels to mitigate rising fuel prices that surged after Russia’s invasion of Ukraine.