Wright says DOE will refill SPR in next months as prices soar
The Trump administration plans to start refilling the nation’s emergency crude reserves in just a matter of months, after releasing more than 130 million barrels of oil and causing inventories to fall to the lowest levels in decades.
TL;DR
- The Trump administration plans to refill the Strategic Petroleum Reserve (SPR) in the coming months.
- Over 130 million barrels were released from the SPR to combat rising oil and gasoline prices.
- The released oil was loaned, not sold, and buyers must return the original quantity plus a premium.
- The DOE aims to refill with around 200 million barrels, exceeding the amount released.
- Current market conditions with crude prices over $100 per barrel make purchasing new oil for the SPR difficult.
- Geopolitical tensions in the Middle East have constrained global oil supply.