News
US buys 2.8M barrels of oil as it fills crude reserve
The U.S. purchased 2.8 million barrels of crude for the nation’s emergency oil cache as it seeks to replenish depleted supplies.
The Energy Department has been slowly refilling the Strategic Petroleum Reserve after it reached a 40-year low following the Biden administration’s unprecedented drawdown in the wake of the Russia’s invasion of Ukraine.
Related Knowledge Center: Energy security and pricing
State of Play
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.