U.S. Begins SPR Repurchase Program As Oil Prices Crash

The U.S. EIA reported that 4.7 million barrels of crude oil left the Strategic Petroleum Reserves in the week ending December 9, but now the United States has started the process of refilling the nation’s SPR. While 3 million barrels is a far cry from the 211 million barrels released so far this year, the gesture could be seen by some in the industry as proof that the Biden Administration intends to keep its work to refill when prices fall below $70 per barrel—on a consistent basis, energy security advisor Amos Hochstein said earlier…