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Climate warning

US buys 3 million barrels of oil for strategic reserve

The United States has finalized contracts to purchase three million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after the largest sale in history last year, the U.S. Department of Energy said on Tuesday. The department said it bought the oil, for delivery to a site in Big Spring, Texas, for an average of $77.31 a barrel, below the average of $95 a barrel that oil sold for in 2022. The administration of President Joe Biden had conducted sales last year, including a record one of 180 million barrels, to help control oil prices after Russia, a large crude exporter, invaded Ukraine. The U.S has now purchased about 14 million barrels for replenishment after last year's sales. About 4 million barrels are also coming back to the SPR by February as oil companies return oil that had been loaned to them through a swap. On the latest transaction, Sunoco Partners Marketing & Terminals LP sold 1.2 million barrels to the SPR, while Macquarie Commodities Trading US LLC and Phillips 66 (PSX.N) each sold about 900,000 barrels, the Energy Department said on its website.The Energy Department had already secured the cancellation of 140 million barrels in congressionally mandated sales from the SPR scheduled from late this year through late 2026. The cancellation "has led to significant progress toward replenishment," the department has said. https://www.reuters.com/markets/commodities/us-buys-3-million-barrels-oil-strategic-reserve-2023-12-26/

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  • Gorffly mokua

    16 w

    This is contrary to their promises!!⚠⚠

    4
    • Grace Njeri

      12 w

      @gorffly_mokua Disappointed by their negative move

    • George Kariuki

      16 w

      The public needs clear explanations and transparent decision-making processes for such strategic moves, especially considering their potential environmental and economic implications.

      4
      • Edwin wangombe

        16 w

        it is unfortunate to see the US not sticking to its commitment to end fossil fuels this is contrary to what is expected

        2
        • Rukia Ahmed Abdi

          16 w

          This is so sad.How can it be that as the world pushes to go green, some nations are dragging the rest behind

          3
          • Edwin wangombe

            16 w

            @rukia_ahmed_abdi It is unfortunate to see the US not keeping its word

            2
          • winnie nguru

            16 w

            Not when everyone is moving away from fossil fuels. They should stop!

            7
            • Edwin wangombe

              16 w

              @winnie_nguru This shows how the US is fooling the rest of the world through fake commitments that they don't fulfill

              2
            • Elizabeth Gathigia

              16 w

              This is very disappointing, US should be in the forefront leading the fight to phase out fossil fuel

              5
              • Edwin wangombe

                16 w

                @elizbeth_gathigia The Biden administration is like a two-sided coin we don't know which side to take seriously... one day they say one thing and the other they do the opposite

                2
              • Saustine Lusanzu

                16 w

                We are advocating for phasing out fossil fuels, US should be a good example towards green energy

                5
                • Joseph Githinji

                  16 w

                  @saustine_lusanzu True, US must steer the wheel in the right direction not the other way around.

                  5
                  • Edwin wangombe

                    16 w

                    @saustine_lusanzu we expect a lot from the use of leading by example on how the rest of the world will transition to green energy and then such news comes up... it's unfortunate

                    2
                  • Princess

                    16 w

                    The decision isn't ideal. It makes me worried about the environment and our reliance on fossil fuels. We should focus on finding more sustainable energy solutions instead.

                    5
                    • Joseph Githinji

                      16 w

                      @princess_nel_268 the US must recall these decision for the sake of our planet.

                      5
                      • Edwin wangombe

                        16 w

                        @princess_nel_268 well said ... its time to find a sustainable energy solution

                        2
                      • Rotich Kim

                        16 w

                        Us should consider investment in green energy

                        5
                        • Princess

                          16 w

                          @rotich_kim The US should put money into green energy

                          5
                          • Edwin wangombe

                            16 w

                            @rotich_kim I wish they could invest all that money used to buy the oil in green energy projects

                            2
                          • walter lungayi

                            16 w

                            This is so disappointing to see US still investing in fossils fuels instead of Renewable energy. Action should be done to prevent this decision.

                            5
                            • Princess

                              16 w

                              @walter_lungayi It's disheartening to see the US sticking with fossil fuels instead of prioritizing renewable energy

                              5
                              • Joseph Githinji

                                16 w

                                @walter_lungayi sad indeed, seeing money invested in the wrong channels when the same can be used to build clean, renewable and sustainable energy.

                                5
                                • Edwin wangombe

                                  16 w

                                  @walter_lungayi it is unfortunate indeed

                                  2
                                • Joseph Githinji

                                  16 w

                                  This is so alarming, the US must stay true to the course and stop the use of oil. As a superpower the US have an obligation to do the right thing in taking care of the environment.

                                  13
                                  • Princess

                                    16 w

                                    @joseph_githinji As a superpower, the US has a responsibility to do the right thing and prioritize environmental care by shifting away from oil usage.

                                    5
                                  • Richard S

                                    16 w

                                    . 👹#JoeBiden🇺🇸 $$🔥🛢 #Subsidiiaed 🛢🔥$$ . ... .#Fossil

                                    10
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