The Biden administration has laid out plans for what amounts to a 60mn-barrel spread trade in oil markets, buying back crude at lower prices to replenish supplies sold from the US government’s emergency stockpile this year for more than $100 a barrel.
The Department of Energy’s blueprint for the strategic petroleum reserve would serve dual goals: adding back barrels for future supply emergencies while giving oil companies a signal to produce more.
The government has been selling a record 180mn barrels of crude oil from the SPR this year in a bid to tamp down fuel prices that have surged due to strong demand and shortfalls linked to oil embargoes and sanctions on Russia. As of last week the reserve contained 550mn barrels.
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