The U.S. Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3.1 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel.
in May as a step to refill the emergency stockpile after a record release following Russia's invasion of Ukraine last year.
The administration had previously said it would start to buy oil back into the reserve when prices were at or below $72 per barrel. Benchmark U.S. crude futures traded around $70 a barrel on Friday.The department also said it launched a new solicitation for another 3 million barrels for delivery to the stockpile's Big Hill site in September. It said bids should be received by June 20, with awards by the end of the month.
The sale angered Republicans who accused the administration of leaving the U.S. with too thin a supply buffer to adequately respond to a future supply crisis.
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