The U.S. Department of Energy plans to purchase up to one million barrels of crude oil for the Strategic Petroleum Reserve. According to the Department’s announcement, the purchases will be sourced from small to midsize U.S. oil producers. This purchase will serve as a test of the current conditions of physical crude oil available to the SPR. Additional funding is needed from Congress for the Department of Energy to make more purchases. Bipartisan legislation has been introduced in the House and Senate to provide $3 billion for U.S. crude oil purchases for reserves.
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