With The U.S. Midterms Over, U.S. Begins Buying Back Oil For The Strategic Petroleum Reserve

The DOE announced Friday it will purchase 3 million barrels of oil to replenish the supply it depleted from the Strategic Petroleum Reserve in a bid to lower gas prices  

Daily Mail: Biden buys 3 million barrels of oil to stock up the emergency Strategic Petroleum Reserve after withdrawing 180 million to try and bring down gas prices 

* The department said it will purchase the oil for less than the $96 per barrel it sold its supply for 

* Three million barrels, only 15 percent of daily U.S. demand, is a drop in the bucket of the 180 million DOE has depleted the reserve of since March 

* At the same time the department will tap 1.8 million barrels from the reserve in an emergency exchange after a shutdown of the Keystone pipeline 

The Department of Energy (DOE) announced Friday it will purchase 3 million barrels of oil to replenish the supply it depleted from the Strategic Petroleum Reserve in a bid to lower gas prices.  

The department said it will purchase the oil for less than the $96 per barrel it sold its supply for. 

Three million barrels, only 15 percent of daily U.S. demand, is a drop in the bucket of the 180 million DOE has depleted the reserve of since March.  

The deal is part of a fixed-price plan that allows refiners to sell oil to the SPR at a stable rate and avoid selling at the volatile oil market's rate on any given day.   

Read more ....  

Update #1: U.S. begins buying back oil for strategic petroleum reserve -official (Reuters)  

Update #2: Biden administration to buy 3 million barrels of oil to replenish reserves (The Hill)  

WNU Editor: No mention among the legacy media on sky-high home heating and diesel fuel prices. I live in Montreal, and the price of home heating oil is now jaw-dropping ($2.35 Canadian/liter or almost $8 US/gallon).

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