U.S. Dept. of Energy To Purchase Crude for Strategic Petroleum Reserve

The U.S. Department of Energy (DOE) has announced a new solicitation to purchase oil to replenish the Strategic Petroleum Reserve (SPR), according to a DOE press release. The solicitation, announced by the DOE's Office of Petroleum Reserves, seeks up to 3.3 million barrels of crude oil for delivery to the SPR in October. The decision to initiate this purchase, according to the release, aligns with the DOE's strategy of acquiring oil at $79 per barrel or below. To date, the DOE has procured a total of 32.3 million barrels of oil at an average…