US DOE Has Released 17.5 Million Barrels from the Strategic Petroleum Reserve since March
April 30, 20266 hours
US Energy Information Administration
0 Comments
Support CleanTechnica's work through a Substack subscription or on Stripe.
Between the week ending March 20 and the week ending April 24, the U.S. Department of Energy (DOE) released a total of 17.5 million barrels of crude oil from the U.S. Strategic Petroleum Reserve (SPR), according to data in our Weekly Petroleum Status Report. DOE released 7.1 million barrels in the week ending April 24, the most released since the week ending October 7, 2022. SPR stocks are currently 397.9 million barrels.
The United States is in the process of releasing 172 million barrels of crude oil from the U.S. SPR. The U.S. SPR release is part of a coordinated effort with the International Energy Agency (IEA) to release 400 million barrels of crude oil and refined products globally to address disruptions in oil supply stemming from the conflict in the Middle East. Our recent Today in Energy analysis explores the strategic oil inventory levels in other countries before the release announcement.
The U.S. SPR release is structured as an exchange, which requires the original volume of oil, plus additional barrels, to be returned to the SPR within one year.
The SPR was established in the 1970s to reduce the effects of unexpected oil supply disruptions. The reserve has an authorized storage capacity to hold up to 714 million barrels of crude oil across four storage sites along the Gulf of America, where much of the U.S. petroleum refining capacity is located.
We survey SPR inventory levels each week in our Weekly Petroleum Status Report.
Article from Today in Energy. Principal contributor: Kimberly Peterson
Sign up for CleanTechnica's Weekly Substack for Zach and Scott's in-depth analyses and high level summaries, sign up for our daily newsletter, and follow us on Google News! Advertisement Have a tip for CleanTechnica? Want to advertise? Want to suggest a guest for our CleanTech Talk podcast? Contact us here. Sign up for our daily newsletter for 15 new cleantech stories a day. Or sign up for our weekly one on top stories of the week if daily is too frequent. CleanTechnica uses affiliate links. See our policy here.CleanTechnica's Comment Policy