The U.S. Breaks Its Self-Imposed Oil Price Ceiling of $79 to Refill the SPR

The latest crude oil purchase that the Department of Energy made as part of refill plans for the strategic petroleum reserve cost an average of over $81 per barrel, exceeding the $79 ceiling set by the federal government. Per an Argus report, the DoE declined to comment on why it had bought the oil despite the higher price hinting at more news to come later today.

The SPR is currently close to a 40-year low as a result of the massive release. The replenishing effort has been going on slowly, with three million barrels bought there and another three bought here as the very news of a planned purchase led to an uptick in prices. This forced the department to update the price range, at which it would be buying, raising the top end from $72 per barrel last year to $79 per barrel.

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biden's SPR Gamble Sparks Debate Over U.S. Energy SecurityThe Biden Administration has significantly drawn down the Strategic Petroleum Reserve to its lowest level since 1983, sparking debates over U.S. energy security.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Fern Britton breaks down in tears as she leaves Celebrity Big Brother and opens up on feud with Nikita...Fern Britton breaks down in tears at final dinner party as she addresses feud with Nikita
Source: TheSun - 🏆 64. / 61 Read more »

The Daily Lowdown: Taylor Swift breaks major record with Eras Tour FilmThe Daily Lowdown: Taylor Swift breaks major record with Eras Tour Film
Source: hellomag - 🏆 24. / 68 Read more »

Devon woman befriended by pair of robins believes they are 'a gift' from her late mumDawn Kiff, from Devon, started feeding the robins during her coffee breaks at work.
Source: itvnews - 🏆 69. / 61 Read more »

How Kylian Mbappe reached 250 goals for Paris Saint-GermainMbappe scored his 250th goal for PSG last weekend — this is how that total breaks down
Source: The Athletic UK - 🏆 123. / 51 Read more »

Vinicius Jr breaks down in tears during press conference when asked about racism in powerful moment...Emotional Vinicius Jr breaks down in tears during press conference when asked about racism
Source: talkSPORT - 🏆 91. / 53 Read more »