There are plenty of headlines about that the Biden administration said it plans to begin purchasing oil to replenish the nation’s emergency reserve.
The update says it'll be after completing maintenance work later this year.
This is not really an update, we knew this already.
The 'update' doesn't give any specifics on timing. The admin had previously nominated a price of around US$70 / barrel.
---
The background to this is the drawdown in reserves. The Strategic Petroleum Reserve (SPR) is currently sitting around a 40 year low after the US federal government withdrew circa 180 million barrels to address rising gasoline prices in the wake of Russia’s invasion of Ukraine.
---
Oil price chart update:
