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Announcement to back away from replenishing U.S. Strategic Petroleum Reserves in February is a warning sign When the U.S. Department of Energy (DOE) rejected the first batch of bids from oil companies to resupply a small amount of oil to replenish the depleted U.S. Strategic Petroleum Reserves (SPR), many took it as a sign of things to come. The administration announced the delay after realizing that the offers it received were either too expensive or didn’t meet the required specifications. “Following review of the initial submission, DOE will not be making any award selections for the February delivery window,” Reuters quoted the DOE spokesperson as saying in an emailed statement. Earlier in December, Washington announced it would purchase up to three million barrels of crude oil for February delivery. This was to be the U.S.’ first purchase in months after the release of a record 180 million barrels last year to tame the U.S. markets in a mid-term election year. Related Stories The release led to SPR crude levels going down to their lowest levels in decades. That led to U.S. President Joe Biden’s announcement that Washington would begin buying crude to fill the reserves to the required levels […]
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