Despite high prices, the United States has purchased 1.2 million barrels of oil to replenish the Strategic Petroleum Reserve after selling the most in the country’s history last year.
This was reported by the United States Department of Energy.
According to the ministry, the oil was purchased at an average price of $77.57 per barrel from two companies after 18 offers were submitted.
Last year, President Joe Biden’s administration made the largest-ever sale of oil from the reserve, totaling 180 million barrels.
The sale was carried out as part of a strategy to stabilize oil markets and combat high gasoline prices for the population after the Russian invasion of Ukraine.
At this time, the reserve has been replenished again with 6 million barrels.
With oil prices rising due to production cuts by Saudi Arabia and Russia, the administration found it difficult to purchase oil for the reserve.
In October, it raised its maximum oil purchase price to $79 per barrel, up from the previous price range of $68 to $72 per barrel.
In October, the Energy Department said it expected to buy 3 million barrels for December delivery and another 3 million barrels for January delivery at a higher price.
