Us Gov Fills Up Oil Reserves

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Us Gov Fills Up Oil Reserves

Us Government Fills Up Oil Reserves

According to Commerzbank, the US government has bought oil for the SPR. However, that will be the last time for the Biden Administration.

The exact amount was 2.4 million barrels of oil, which will be delivered in April/May 2025. If we look back, the US government decided to release around 180 million barrels from its strategic petroleum reserve. At that time, the move led to a decline in the gasoline and oil prices.

59 Million Barrels Added To Spr

Since the mid of 2023, the US government has been buying oil to fill up the SPR again. Since then, the administration has bought 59 million barrels of oil.

Right now, the SPR has around 390 million barrels of oil, which is still a lot lower than the levels from three years ago. If we look back, the SPR had around 600 million barrels of oil.

However, it doesn't mean that the US is now trying to reach the same high levels again. After all, the US is now in the category of net oil exporter.

At the same time, things might change in this regard for the USA. The next president of the USA will be 'Trump' & is expected to join the office in January 2025.

According to Mr. Trump, the SPR levels are still not sufficient, which is a sign that the next government will buy more oil.

This is big news for the oil markets, and it is a sign that higher prices are awaiting us in the coming years. At the same time, the oil consumption is at risk of the global initiative to move towards renewable energy.

The EVs market continues to set new records with the Tesla shares already at record highs. In the next few years, the global oil demand is only expected to go down.

Amidst all of this, it remains to be seen how Trump's plan to fill up the SPR will impact the oil prices.

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