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Tuesday, April 11, 2023 5:21:31 PM
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— iSource News (@isource_news) April 11, 2023
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14 Day RSI at 80% 0.0007
The administration initially had planned to replenish the reserve by buying back crude on the open market when prices reached $67 to $72 per barrel. It reiterated those plans as recently as December.
U.S. oil prices, based on the country's West Texas Intermediate (WTI) crude benchmark, have plunged below $70 per barrel from $80 per barrel in the past two weeks amid rising uncertainty in the U.S. banking system.
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Repurchasing the oil at $70 per barrel would net the U.S. government $4.8 billion.
Nevertheless, the Energy Department appears to be maintaining the SPR at its lowest level since 1984.
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The reserve currently contains 372 million barrels—almost half as much as its all-time high of 727 million barrels in 2010
https://www.investopedia.com/us-to-take-years-to-refill-its-strategic-petroleum-reserve-7371003
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