Happy Monday! Welcome back to another week of ESC’s News Blog!
At this point,
you know how we enjoy writing follow-ups to our Blog! We wrote about the Strategic Petroleum Reserve (SPR) over the last couple years, and the previous
administration’s strategy to refill the SPR. They are able to purchase approximately
180,000-million barrels before the end of their tenure. Well, it appears the SPR is in the
news again.
Did anyone
happen to read the Oil & Gas Journal’s Daily Update Newsletter on May
7, 2025, their article titled, “US Energy Secretary vows to immediately refill
US crude stockpile”? In the article, it
speaks on how the Secretary of the U.S. Department of Energy (DOE) announced
last week to the US House Committee on Appropriations Subcommittee of Energy
and Water Development his plans for the SPR to fill it to its maximum. For the SPR facilities to max out the
DOE’s Office of Petroleum Reserves will need to purchase approximately 250
million barrels with a projected price of $20 million. Energy Sec. Chris Wright published an administrative
mandate noticing his intention to replenish the SPR, examine its facilities
and systems, and look into innovations for a strategic arrangement to advance
this American resource. The SPR
currently has 400 million barrels in its various repositories along the Gulf
Coast, and to line up with the President’s Executive Order; Sec. Wright’s
agency plans to buyback approximately 250-million barrels to top off this American
resource. Sec. Wright will fill the SPR
like the previous administration with a manageable bit at a time as his agency’s
budget allows. Well, this administration
the price of oil in much lower than the previous administration average of around
$79-bbl at least their money will go further. We will try and keep up with the buyback for
the SPR from the DOE’s Office of Petroleum Reserves. If you would like to read more of Oil and
Gas Journal’s article, please click the link: US
Energy Secretary vows to immediately refill US crude stockpile | Oil & Gas
Journal.
If you would
like to read about the SPR’s Sale and Exchange Program, please click the
link: SPR Sales and Exchanges | Department of Energy.
If you would
like help in looking into how to transport your product efficiently, safely, and
with less of a carbon footprint or just find out what is underneath your feet
to help with your emission reduction goals, contact us via email in the Blog
and check out our ESC website!
We hope you have a wonderful evening and a productive week!
**Disclaimer: You may be charged a fee to read the Oil
and Gas Journal’s article. **