The U.S. Department of Energy announced that about 2.5 million barrels of oil have been bought for the Strategic Petroleum Reserve.
About 800,000 barrels of oil will be delivered to the Bryan Mound Texas reserve site in Brazoria County from January to March in 2025. Macquarie Commodities Trading US LLC was awarded the contract for the purchase for more than $180.3 million of oil.
In 2022, the Biden administration sold 180 million barrels from the facility in the largest sale ever in order to control gasoline prices after Russia invaded Ukraine. Just over 47 million barrels have been bought back by the administration since then.
The Energy Department said the barrels were purchased at an average price of $76.89 a barrel, which is about $18 lower than the average price of $95 per barrel two years ago.