Biden administration announces plan to replenish strategic petroleum reserve

Yahoo Finance Video

Fri, Dec 16, 2022, 4:31 PM

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Yahoo Finance Live's Jared Blikre details the Biden administration's goals to replenish strategic petroleum reserves and the Energy Department's latest barrel exchange.

Video Transcript

JARED BLIKRE: Welcome back. The White House finally planning to replenish the SPR. That's the Strategic Petroleum Reserve. Biden administration ordering 3 million barrels of crude oil to be delivered in February. However, they have a ways to go before they fully replace the 180 million barrels that were released so far.

Energy Department also announcing a nearly 2 million barrel crude-oil exchange to relieve shortages at refineries after an oil spill last week shut down the Keystone crude pipeline.

Oil futures closed today at $74.29, putting the price of crude well below the $96 a barrel the US sold the oil for originally.

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Biden administration announces plan to replenish strategic petroleum reserve

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