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The U.S. Strategic Petroleum Reserve (SPR) was established in December 1975 in the wake of the 1973 OPEC oil embargo. The law establishing the SPR said it was designed “to reduce the impact of severe ...

The Department of Energy (DOE) is planning to purchase 1 million barrels of oil to help restock the U.S. Strategic Petroleum Reserve (SPR) after the Biden administration drained the reserve and once ...

The U.S. SPR is currently at a multi-decade low. Replenishing 300 million barrels at a cost of even $70 per barrel would cost $21 billion for the oil alone. The United States needs the SPR as a safety ...

WASHINGTON (Reuters) - The Biden administration said on Friday it has bought its last batch of oil for the Strategic Petroleum Reserve after selling a record amount from the facility in 2022 to ...

VanEck Oil Services ETF has been catching up with crude oil prices, and a break above technical resistance could ignite the ETF. The low level of the U.S. Strategic Petroleum Reserve, or SPR, is ...

Oil prices climbed in Wednesday's session, with a barrel of WTI crude reaching $82.50, after the Bureau of Labor Statistics reported lower-than-expected inflation in March and following remarks by the ...

The SPR began to be filled during President Carter's term, with President Reagan making significant contributions and leading the SPR level to reach 560 million barrels by the end of his two terms.