The Biden administration has purchased oil for the Strategic Petroleum Reserve (SPR) for the last time, the US Department of Energy reported on Friday, Commerzbank’s commodity analyst Carsten Fritsch notes.
Trump wants to increase SPR further
“The amount is 2.4 million barrels and is to be delivered in April and May 2025. In 2022, the US government released 180 million barrels of oil from the SPR within six months to bring down oil and gasoline prices, which rose significantly after the start of the war in Ukraine.”
“Since mid-2023, 59 million barrels have been bought back, with the average purchase price being significantly lower than the selling price in 2022. Currently, the SPR is at just under 390 million barrels, compared to more than 600 million barrels three years ago.”
“However, this high level does not necessarily have to be reached again, as the US is now a net oil exporter. US Presidentelect Trump has, however, indicated that he wants to increase SPR further.”
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