The United States will begin replenishing its strategic oil stockpile early next year. On Friday, the country’s Ministry of Energy announced the procurement of three million barrels, which is scheduled to be delivered in February.
The oil stock level has decreased since last autumn from more than 600 million barrels to 382 million President Joe Bidenin opened to tame its increased prices.
The price of Brend Crude quality was over 120 dollars per barrel in March of this year, but has since fallen to less than 80 dollars. The main reason for the decline is the cooling of the economy, which has reduced the demand for oil.
According to the US Department of Energy, the average price of sales of oil stocks has been $96 per barrel. Restoring stocks at the current, lower price can generate a surprise profit of up to billions for the federal government.
The strategic oil reserve is intended to secure the functioning of society in times of crisis, but the profits from its trading have attracted the attention of politicians in Congress as well. In September, nine Democratic representatives presented a bill that would give the Ministry of Energy the authority to trade up to 350 million barrels if the price rises or falls enough.
The profits from trading would be directed to the construction of the infrastructure needed by electric cars and the development of oil production in allied countries.