19 December 2022 | Other

The United States begins to replenish the oil reserve

The US Energy Department said that it is starting to buy oil for the Strategic Petroleum Reserve (SPR) after selling 180 million barrels earlier this year. The purchase will be around 3 million barrels and delivery is likely to take place in February

SPR fell to 380 million barrels, the lowest level since 1984. This raised concerns about the country's energy security.

The White House has previously said that it will buy black gold for the SPR when prices go down to $67-$72 a barrel or lower. At the moment, WTI futures are trading at around $75.

According to the official, the White House will try to be flexible in that regard and look into current fuel prices for possible purchases. He also added that it was very useful to put this notice out and see what the market has to offer in terms of the cost of oil.

The Energy Department said buying oil at current prices provides an opportunity to secure a lucrative deal for US taxpayers. This will be done by buying fuel below the average price of $96 per barrel, as well as by strengthening energy security.



Company MarketCheese
Period: 01.11.2026 Expectation: 6300 pips
Buy Tesla stock with $430 in sight
Today at 08:51 AM 13
Period: 20.11.2026 Expectation: 1200 pips
Invest in AUDUSD ahead of Fed and RBA meetings
Today at 06:56 AM 12
Period: 19.11.2026 Expectation: 9435 pips
Buying silver up to $67.00
Yesterday at 10:16 AM 24
Gold buy
Period: 31.10.2026 Expectation: 200 pips
Go long on gold with $4,375 in mind
Yesterday at 06:40 AM 33
Period: 16.11.2026 Expectation: 5700 pips
Invest in GBPUSD up to 1.38700
16 October 2026 85
Period: 31.10.2026 Expectation: 1300 pips
Selling AUDCAD from 0.9890
16 October 2026 92
Go to forecasts