US Stockpiling Oil for Emergency Reserves: The Numbers Revealed

The US government plans to purchase 3 million barrels of oil in March 2024 to replenish the Strategic Petroleum Reserve, which currently stands at 352 million barrels, near 40-year lows. The emergency stockpile was tapped heavily last year to stabilize oil prices after Russia's invasion of Ukraine. The Energy Department aims to buy oil at $79 a barrel or below, taking advantage of low prices. There is a physical limit to how much oil the SPR can take at a time, but the government intends to continue refilling the reserves on a monthly basis.