The US, which sold crude oil from its strategic oil reserve last year to help lower gasoline prices, continues to purchase crude oil to replenish its reserves.
In the statement made by the US Department of Energy, it was stated that up to 3 million barrels of crude oil will be purchased for delivery in August.
In the statement, it was noted that the new purchases will be made for the Big Hill Strategic Petroleum Reserve in Texas.
Crude oil rate slumped to lowest level since 1983
US President Joe Biden, in the face of rapidly increasing gasoline prices in the US after the war started by Russia in Ukraine, allowed the launch of more than 180 million barrels of oil from the country’s strategic oil reserves in March last year.
With the oil sales from the country’s reserves, the rate of crude oil in the US’s strategic reserve fell to its lowest level since 1983, raising concerns about energy security.
The US administration announced in December last year that it would purchase 3 million barrels of crude oil to be delivered in February for the strategic oil reserve.